Wool Tax Act (No. 4) 1973
No. 67 of 1973
AN ACT
To amend section 5 of the Wool Tax Act (No. 4) 1964.
[Assented to 18 June 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. 4) 1973.
(2) The Wool Tax Act (No. 4) 1964 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. 4) 1964–1973.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Rate of tax.
3. Section 5 of the Principal Act is amended by omitting from paragraph (a) the words “two per centum” and substituting the words “three per centum”.
Formal amendments.
4. The Principal Act is amended as set out in the Schedule.
SCHEDULE Section 4
FORMAL AMENDMENTS
The Principal Act is amended as set out in the following table:—
Provision | Amendment |
Section 4(1)....... | Omit “the first day of July, One thousand nine hundred and sixty-four,”, substitute “1st July, 1964”. |
Section 4(3)....... | Omit “the first day of July, One thousand nine hundred and sixty-four,”, substitute “1st July, 1964,”. |
Section 6(3)....... | Omit “the twenty-fourth day of October, One thousand nine hundred and sixty-two”, substitute “24th October, 1962”. |
Overview
The Wool Tax Act (No. 4) 1973 was enacted by the Queen, the Senate, and the House of Representatives of Australia, to amend section 5 of the Wool Tax Act (No. 4) 1964. This Act was introduced to address the need for a revision in the tax rate applicable to wool. The policy objective of the legislation is to adjust the tax rate to better reflect the current economic conditions and the value of the wool industry at the time. The Act specifies that the rate of tax will be amended by increasing it from two per centum to three per centum. This Act came into operation on the day it received Royal Assent, ensuring that the changes to the tax rate were implemented promptly. The formal amendments detailed in the Schedule further refine the Principal Act by standardising date formats to enhance clarity and precision in the legislative text.
Scope and Application
The Wool Tax Act (No. 4) 1973 applies to transactions involving the sale of wool within the Australian jurisdiction, thereby affecting individuals and entities engaged in the wool industry. This legislation amends the Wool Tax Act (No. 4) 1964, specifically updating the tax rate on wool from two per centum to three per centum. It also incorporates formal amendments to the Principal Act, such as updating date references to align with modern conventions. The Act extends its reach to all wool sales transactions within Australia, without specifying exclusions or exemptions. The application of this Act may be further defined or extended through subordinate instruments, which would provide additional regulatory details or clarifications as necessary.
Key Provisions
The Wool Tax Act (No. 4) 1973 makes significant changes to the Principal Act, the Wool Tax Act (No. 4) 1964, primarily by amending the rate of tax on wool exports and updating some of the formal language used in the original Act. Section 3 of the Act changes the tax rate from two per centum to three per centum on wool exports, impacting the financial obligations of entities exporting wool. The Act also includes minor formal amendments to correct the formatting of dates within the Principal Act (section 4 of the Schedule).
The Act imposes specific obligations on entities involved in the export of wool. These entities must now comply with the amended tax rate of three per centum on their exports. Additionally, the formal amendments ensure that the dates within the Principal Act are consistent and correctly formatted, which may have implications for the interpretation and application of the Act’s provisions.
Breaches of the provisions in this Act could result in civil or criminal penalties. Although the specific penalties are not detailed within the text of the Act itself, it is common under Australian law for breaches of tax legislation to result in fines or other financial penalties. The exact penalties would depend on the nature and severity of the breach, and would likely be outlined in other relevant legislation or regulatory frameworks. It is essential for entities involved in wool exports to ensure compliance with the updated tax rate to avoid any potential legal consequences.