WOOL TAX (No. 1).
No. 41 of 1961.
An Act to amend the Wool Tax Act (No. 1) 1957-1960.
[Assented to 23rd August, 1961.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Wool Tax Act (No. 1) 1961.
(2.) The Wool Tax Act (No. 1) 1957-1960 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Wool Tax Act (No. 1) 1957-1961.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
3. After section six of the Principal Act the following section is inserted:—
Rates of tax for a certain period.
“ 6a. Notwithstanding the next succeeding section and any regulations made under that section, the rates set out in the Third Schedule to this Act shall be deemed to have been and to be the rates prescribed for the purposes of paragraph (a) of sub-section (1.) of the last preceding section in relation to—
(a) wool received by a wool-broker (not being wool previously received by a wool-broker or dealer) before the twenty-eighth day of August, One thousand nine hundred and sixty-one, and not sold by him before that date;
(b) wool received by a wool-broker (not being wool previously received by a wool-broker or dealer) on or after the twenty-eighth day of August, One thousand nine hundred and sixty-one, and before the first day of July, One thousand nine hundred and sixty-two, other than wool that—
(i) is received after the thirty-first day of March, One thousand nine hundred and sixty-two; and
(ii) is not sold by the wool-broker before the first day of July, One thousand nine hundred and sixty-two; and
(c) wool received by a dealer (not being wool previously received by a wool-broker or dealer) on or after the twenty-eighth day of August, One thousand nine hundred and sixty-one, and before the first day of July, One thousand nine hundred and sixty-two.
Regulations.
4. Section seven of the Principal Act is amended by omitting the words “the last preceding section” (wherever occurring) and inserting in their stead the words “section six of this Act”.
Third Schedule
5. The Principal Act is amended by adding at the end there of the following Schedule:—
THIRD SCHEDULE. Section 6a.
——
Rates of Tax Referred to in Section 6a of this Act.
| s. | d. |
For each bale of wool............................. | 10 | 0 |
For each fadge or butt of wool....................... | 5 | 0 |
For each bag of wool............................. | 1 | 3 |
Overview
The Wool Tax Act (No. 1) 1961 was enacted by the Parliament of the Commonwealth of Australia to amend the Wool Tax Act (No. 1) 1957-1960. The primary objective of this Act was to establish specific rates of tax for wool received by wool-brokers and dealers within certain timeframes, thereby addressing the need for a definitive tax structure for the wool industry during a transitional period. This legislative amendment aimed to provide clarity and certainty to the wool industry by setting explicit tax rates for wool transactions occurring between August 28, 1961, and June 30, 1962. The Act came into operation immediately upon receiving Royal Assent, ensuring that the stipulated tax rates were applicable from its commencement date.
Scope and Application
The Wool Tax Act (No. 1) 1957-1961 applies to the taxation of wool received by wool-brokers and dealers, specifically targeting those who receive wool not previously handled by a broker or dealer, during the specified periods outlined in the Act. The legislation delineates the tax rates applicable to each unit of wool, such as a bale, fadge, or butt, received within certain timeframes. Geographically, this Act has a Commonwealth reach, applying uniformly across Australia. The Act’s scope does not include wool that has already been in the possession of a wool-broker or dealer before the specified dates. The Act also allows for adjustments and further specifications through subordinate instruments, which can modify the application and enforceability of the tax rates and other provisions as necessary.
Key Provisions
The Wool Tax Act (No. 1) 1961 makes specific amendments to the existing Wool Tax Act (No. 1) 1957-1960. One of the key provisions introduced is Section 6a, which sets out particular rates of tax for wool received by wool-brokers and dealers during a defined period (Section 3). This section specifies the tax rates for wool received before and after specific dates in 1961 and 1962, ensuring that certain wool received and not sold within certain timeframes is taxed at specified rates.
The Act imposes specific obligations on wool-brokers and dealers. Wool-brokers and dealers must ensure that wool received before August 28, 1961, and not sold by that date, or wool received between August 28, 1961, and June 30, 1962, is taxed according to the rates specified in Section 6a. For wool received after March 31, 1962, but not sold before July 1, 1962, the same tax rates apply. This ensures clarity in tax obligations for these entities within the specified period.
Any failure to comply with the tax rates set out in Section 6a of the Act may result in civil or criminal penalties. While the Act does not explicitly state the penalties for non-compliance, under general Australian legislative principles, penalties for non-compliance with tax laws can include fines and, in severe cases, imprisonment. The specific penalties would be determined in accordance with other relevant tax legislation and judicial decisions.