WOOL TAX (No. 2).
No. 42 of 1961.
An Act to amend the Wool Tax Act (No. 2) 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. 2) 1961.
(2.) The Wool Tax Act (No. 2) 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. 2) 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 f or 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 respect of wool to which this Act applies exported from Australia 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 thereof 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 (No. 2) Act 1961 was enacted to amend the existing Wool Tax Act (No. 2) 1957-1960, addressing the need to update tax rates for wool exports within a specific period. This Act was assented to by Queen Elizabeth II on 23rd August, 1961, and was passed by the Parliament of the Commonwealth of Australia. The primary objective of the Act was to establish new tax rates for wool exported from Australia between 28th August 1961 and 30th June 1962, thus ensuring that the rates of tax were appropriately adjusted for the specified period.
This legislation was introduced to provide clarity and certainty regarding the tax rates applicable to wool exports during a transitional phase, avoiding any ambiguity that might arise from the existing provisions. By inserting a new section (6a) into the Principal Act and amending section seven to align with this new insertion, the Act effectively sets out the rates for the interim period until the next scheduled tax rate adjustments. The Third Schedule further details these rates, specifying the tax per unit of wool, such as per bale, fadge or butt, and bag.
Scope and Application
The Wool Tax Act (No. 2) 1957-1961 applies to entities involved in the export of wool from Australia during the specified period. It specifically addresses the tax rates applicable to wool exported between 28 August 1961 and 1 July 1962. The Act sets out fixed tax rates for each bale, fadge, or butt, and bag of wool, establishing a clear and definitive tax structure for the duration in question. The legislation extends across the Commonwealth of Australia, impacting all entities engaged in the export of wool within the specified timeframe. The application of the Act is not subject to exclusions or exemptions, and no thresholds are specified within the primary text. However, the Act may be further refined or detailed through subordinate instruments, such as regulations or amendments, which could specify additional conditions or exceptions not explicitly covered in the primary Act.
Key Provisions
The Wool Tax Act (No. 2) 1961 introduces specific amendments to the Wool Tax Act (No. 2) 1957-1960. The most significant change is the insertion of a new section 6a (section 3) which establishes tax rates for wool exported from Australia between 28th August 1961 and 30th June 1962. These rates are set out in the Third Schedule, specifying that 100 shillings and sixpence per bale, 50 shillings and sixpence per fadge or butt, and 13 shillings and sixpence per bag of wool are to be levied.
The Act imposes obligations on parties exporting wool during the specified period, requiring adherence to the newly established tax rates. Exporters must ensure that the correct amount of tax is paid for each unit of wool exported, as detailed in the Third Schedule. Compliance with these tax rates is mandatory, and failure to do so can result in legal consequences.
Breach of the tax obligations set out in the Act can lead to civil or criminal penalties. The maximum penalties for non-compliance are not explicitly stated within the Act but are typically found in the broader tax legislation or administrative regulations. Penalties could include fines, interest on unpaid taxes, and potentially criminal charges for severe or repeated breaches, which may lead to imprisonment. It is crucial for exporters to understand and comply with the specified tax rates to avoid any legal repercussions.