WOOL TAX ACT (No. 2) 1974
No. 67 of 1974
An Act to amend the Wool Tax Act (No. 2) 1964-1973.
BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—
Short title and citation.
1. (1) This Act may be cited as the Wool Tax Act (No. 2) 1974.
(2) The Wool Tax Act (No. 2) 1964-1973 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) 1964-1974.
Commencement.
2. This Act shall be deemed to have come into operation on 2 September 1974.
Rate of tax.
3. Section 5 of the Principal Act is amended—
(a) by omitting the words “The rate” and substituting the words “Subject to sub-section (2), the rate”; and
(b) by adding at the end thereof the following sub-section: —
“(2) The rate of the tax in respect of wool purchased by a registered wool-dealer from a person other than a wool-broker on or after 2 September 1974 and before 1 July 1975, is a rate per centum of the sale value of the wool equal to the sum of 5 per centum and the rate per centum that would, but for this subsection, be the rate of the tax. ”.
Regulations.
4. Section 6 of the Principal Act is amended by omitting from sub-section (1) the words “paragraph (a) of the last preceding section” and substituting the words “paragraph 5(1)(a)”.
Application.
5. Where tax has been paid before the date on which this Act received the Royal Assent in respect of wool on which tax was imposed by section 4 of the Principal Act, being wool purchased by a registered wool-dealer from a person other than a wool-broker on or after 2 September 1974, the further tax imposed on that wool by virtue of the operation of this Act is due and payable at the expiration of 21 days after that first-mentioned date.
NOTES
1. Act No. 67,1[D1]974; assented to 1 October 1974.
2. Act No. 26,1[D2]964, as amended by No. 65, 1973.
Overview
The Wool Tax Act (No. 2) 1974, enacted by the Australian Parliament, serves to amend the existing Wool Tax Act (No. 2) 1964-1973. This amendment was introduced to address a specific gap in the tax rate applicable to wool purchased by registered wool-dealers from entities other than wool-brokers between 2 September 1974 and 1 July 1975. The Act introduces a revised rate of tax, which is a percentage of the sale value of the wool, equal to the sum of 5 per cent and the rate that would otherwise apply. The amendment aims to ensure clarity and precision in the application of the tax rate during the specified period, thereby facilitating compliance and accurate tax calculation within the wool industry. The Act came into operation on 2 September 1974, with subsequent tax payments due within 21 days of receiving the Royal Assent.
Scope and Application
The Wool Tax Act (No. 2) 1974 applies to transactions involving the purchase of wool by registered wool-dealers from entities other than wool-brokers, within the specified timeframe of 2 September 1974 to 1 July 1975. The Act amends the Principal Act by introducing a specific rate of tax for such purchases, which is calculated as a percentage of the sale value of the wool. This Act operates within the Commonwealth jurisdiction of Australia and extends its application to all relevant transactions occurring within this period. The Act does not explicitly state any exclusions or exemptions, and its application is not extended or restricted through subordinate instruments. However, it is noteworthy that any tax paid on wool purchased within the specified period before the Act received Royal Assent is subject to additional tax liability under the Act, which must be paid within 21 days of the Act's commencement on 2 September 1974.
Key Provisions
The Wool Tax Act (No. 2) 1974 amends the existing Wool Tax Act (No. 2) 1964-1973, primarily adjusting the rate of tax for wool purchased by registered wool-dealers from individuals other than wool-brokers. Under section 3(2) of the amended Act, the tax rate for such transactions between 2 September 1974 and 1 July 1975 is set at a percentage of the sale value of the wool, calculated by adding 5 per cent to the existing rate. The Act also revises section 6 of the Principal Act, updating references to ensure consistency and clarity in the legislative text. Furthermore, section 5 of the Act addresses the application of the tax, stipulating that if tax has already been paid for wool purchased during the interim period before the Act received Royal Assent, any additional tax due under the new provisions must be settled within 21 days of the Act's commencement.
The Wool Tax Act (No. 2) 1974 imposes specific obligations on registered wool-dealers who purchase wool from non-brokers within the designated timeframe. These obligations include calculating and paying the adjusted tax rate as outlined in section 3(2) of the Act. Additionally, if any tax has already been paid for wool purchased during the period before the Act received Royal Assent, section 5 requires the dealers to remit any additional tax within 21 days of the Act's commencement. The Act also mandates that the adjustments to the Principal Act, as noted in section 4, be reflected in any subsequent regulations, ensuring that the legislative changes are properly implemented and adhered to.
Failure to comply with the provisions of the Wool Tax Act (No. 2) 1974 can result in various legal consequences. The Act does not explicitly detail specific offences or penalties within the provided text; however, general legal principles and related statutes typically impose fines or other penalties for non-compliance with tax laws. The severity of the penalties would depend on the jurisdiction and the specific nature of the breach. In the context of Australian tax law, penalties can range from fines to imprisonment, depending on the extent and intent of the non-compliance. It is essential for practitioners to refer to the relevant tax legislation and case law to understand the full scope of potential consequences.