WOOL TAX (No. 2a).
No. 101 of 1962.
An Act to amend the Wool Tax Act (No. 2) 1957–1961, as amended by the Wool Tax Act (No. 2) 1962.
[Assented to 14th December, 1962.]
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. 2a) 1962.
(2.) The Wool Tax Act (No. 2) 1957–1961, as amended by the Wool Tax Act (No. 2) 1962, is in this Act referred to as the Principal Act.
(3.) Section one of the Wool Tax Act (No. 2) 1962 is amended by omitting sub-section (2.).
(4.) The Principal Act, as amended by this Act, may be cited as the Wool Tax Act (No. 2) 1957–1962.
Commencement.
2. This Act shall come into operation on the day on which Part II. of the Wool Industry Act 1962 comes into operation.
Definition.
3. Section three of the Principal Act is repealed.
Regulations.
4. Section seven of the Principal Act is amended by omitting sub-sections (2.) and (3.) and inserting in their stead the following sub-section:—
“(2.) Before making regulations under this section prescribing rates of tax, the Governor-General shall take into consideration any recommendations with respect to those rates made to the Minister by the Australian Wool Industry Conference, being the organization which was formed under that name on the twenty-fourth day of October, One thousand nine hundred and sixty-two.”.
Overview
The Wool Tax Act (No. 2a) 1962 was enacted to amend the existing Wool Tax Act (No. 2) 1957–1961, responding to the need for adjustments in the taxation of wool. This amendment was necessitated to ensure that the tax rates on wool remained aligned with the fluctuating conditions of the wool industry. Enacted by the Commonwealth Parliament, the Act aimed to maintain a fair and effective taxation framework that would support the wool industry's economic health. The policy objective was to provide a structured approach to tax regulation by incorporating recommendations from the Australian Wool Industry Conference, ensuring that the tax rates were periodically reviewed and adjusted in consultation with industry stakeholders.
Scope and Application
The Wool Tax Act (No. 2a) 1962 amends the Wool Tax Act (No. 2) 1957–1961 to adjust the tax rates on wool, with its application contingent on the commencement of Part II of the Wool Industry Act 1962. The Act applies to the taxation of wool within the Commonwealth of Australia, affecting wool producers, exporters, and other entities involved in the wool trade. By specifying that the Governor-General must consider recommendations from the Australian Wool Industry Conference before setting tax rates, the Act ensures that the tax structure is informed by industry stakeholders. The Act's jurisdiction is national, as it pertains to the Commonwealth, and its provisions are designed to influence the financial landscape of the wool industry across Australia.
Key Provisions
The Wool Tax Act (No. 2a) 1962 amends the Wool Tax Act (No. 2) 1957–1961, as previously amended by the Wool Tax Act (No. 2) 1962. This Act introduces several changes, beginning with the citation and reference to the Principal Act (section 1). The Principal Act, after amendment, is referred to as the Wool Tax Act (No. 2) 1957–1962. The Act also repeals section three, which previously contained definitions, and makes specific amendments to section seven. The amendment to section seven mandates that before the Governor-General can make regulations prescribing rates of tax, they must consider any recommendations made by the Australian Wool Industry Conference to the Minister (section 4).
The Act imposes several obligations on parties involved in the wool industry. Firstly, the Australian Wool Industry Conference is tasked with providing recommendations to the Minister regarding rates of tax. These recommendations must be taken into account by the Governor-General before any regulations are made (section 4(2)). Additionally, the Act stipulates that the Wool Tax Act (No. 2) 1957–1962, as amended, will come into operation on the same day as Part II of the Wool Industry Act 1962 (section 2). The regulations that result from these recommendations must be made in accordance with the amended section seven, ensuring a structured and considered approach to tax rate determination.
In terms of compliance and enforcement, the Act does not explicitly outline offences or penalties for non-compliance. However, given the regulatory nature of the amendments, any failure to adhere to the stipulations, such as disregarding the recommendations of the Australian Wool Industry Conference, could potentially lead to legal challenges or administrative actions. The absence of explicit penalties in the text suggests that consequences for non-compliance would likely be determined through other legal frameworks or regulations, possibly within the broader Wool Industry Act 1962 or related statutes.