WOOL TAX ASSESSMENT.
No. 43 of 1961.
An Act to amend the Wool Tax Assessment Act 1936-1957.
[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 Assessment Act 1961.
(2.) The Wool Tax Assessment Act 1936-1957 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 Assessment Act 1936-1961.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Returns.
3. Section thirteen of the Principal Act is amended by adding at the end thereof the following sub-sections:—
“(2.) The return furnished by a wool-broker in respect of the period of three months ending on the thirtieth day of September, One thousand nine hundred and sixty-one, shall show separately any wool included in the return that was received before the twenty-eighth day of August, One thousand nine hundred and sixty-one, and sold by him before that last-mentioned date.
“(3.) The return furnished by a dealer in respect of the period of three months ending on the thirtieth day of September, One thousand nine hundred and sixty-one, shall show separately any wool included in the return that was received before the twenty-eighth day of August, One thousand nine hundred and sixty-one.
“(4.) The return furnished by a wool-broker in respect of the period of three months ending on the thirtieth day of June, One thousand nine hundred and sixty-two, shall show separately any wool included in the return that was not sold by him before the end of that period.”.
4. After section fourteen of the Principal Act the following section is inserted:—
Special returns in relation to a certain period.
“14a. A wool-broker shall, not later than the thirtieth day of September, One thousand nine hundred and sixty-one, furnish to the Commissioner a return, in accordance with a form approved by the Commissioner, of any wool received by him before the first day of July, One thousand nine hundred and sixty-one, that was not sold by him before the twenty-eighth day of August, One thousand nine hundred and sixty-one.”.
Due date of payment.
5. Section seventeen of the Principal Act is amended by adding at the end thereof the following sub-section:—
“(3.) Where, by reason of section six a of the Wool Tax Act (No. 1) 1936-1961, an amount of tax additional to the tax that would otherwise have been payable is imposed on any wool received by a wool-broker before the first day of July, One thousand nine hundred and sixty-one, that amount of tax shall be due and payable on the thirtieth day of September, One thousand nine hundred and sixty-one, and shall be deemed not to have been due and payable at any earlier date.”.
Overview
The Wool Tax Assessment Act 1961 was enacted by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia on 23 August 1961. This Act amends the Wool Tax Assessment Act 1936-1957, updating the legislation to incorporate changes in tax assessment for wool transactions. The primary aim of the Act is to ensure that tax returns and payments align with specific dates and transactions, particularly in relation to wool received and sold during a specified period. This legislative update addresses the need to clarify tax obligations for wool brokers and dealers to ensure compliance and accurate tax assessment.
The Wool Tax Assessment Act 1961 introduces amendments to the Principal Act, focusing on the due dates and specific requirements for tax returns related to wool transactions. The Act mandates that wool brokers and dealers provide detailed returns for wool received and sold within specified timeframes, ensuring that tax liabilities are accurately reported. This amendment reflects a policy objective to maintain clarity and precision in tax assessments, facilitating better management and compliance within the wool industry.
Scope and Application
The Wool Tax Assessment Act 1961 amends the Wool Tax Assessment Act 1936-1957, extending its applicability and introducing specific obligations for wool-brokers and dealers. This Act applies to persons involved in the wool trade, specifically targeting wool-brokers and dealers, and it focuses on the assessment and taxation of wool received and sold within defined periods. Geographically, the legislation operates at the Commonwealth level, binding all entities within Australia to its stipulations. It does not explicitly state exclusions, exemptions, or thresholds, but the detailed obligations concerning wool received and sold within specific timeframes suggest a narrow focus on certain transactions. The Act also extends its application through subordinate instruments, allowing for the specification of forms and procedures by the Commissioner, as seen in the requirement for returns to be furnished in accordance with a form approved by the Commissioner.
Key Provisions
The Wool Tax Assessment Act 1961 makes specific amendments to the Wool Tax Assessment Act 1936-1957. Section 3 introduces new sub-sections to section thirteen of the Principal Act, which modifies the requirements for returns submitted by wool-brokers and dealers. Wool-brokers must now separately report any wool received before 28 August 1961 and sold before that date, as well as any wool received before 1 July 1961 and not sold by the end of a specified period. Dealers, on the other hand, must report any wool received before 28 August 1961. Furthermore, section 4 adds a new section 14a, which requires wool-brokers to furnish special returns for wool received before 1 July 1961 and not sold before 28 August 1961, by 30 September 1961. Lastly, section 5 modifies section seventeen of the Principal Act to specify that any additional tax imposed on wool received before 1 July 1961 is due and payable by 30 September 1961.
The Wool Tax Assessment Act 1961 imposes certain obligations and requirements on wool-brokers and dealers in relation to the tax assessment of wool. Specifically, wool-brokers are required to provide detailed returns regarding wool received and sold within certain timeframes, as outlined in the amended sections of the Act. This includes separate reporting for wool received before specified dates and not sold by certain deadlines. Additionally, wool-brokers must furnish special returns for wool received before 1 July 1961 and not sold before 28 August 1961, by 30 September 1961. Dealers are also required to report any wool received before 28 August 1961. Failure to comply with these reporting requirements may result in penalties or other consequences as stipulated by the Act.
The Wool Tax Assessment Act 1961 includes provisions that may lead to offences, penalties, or civil and criminal consequences for non-compliance. While the Act does not explicitly state the penalties for breach, it is reasonable to infer that failure to meet the obligations and requirements set out in the Act could result in fines, imprisonment, or other penalties as prescribed under the Wool Tax Act (No. 1) 1936-1961 or other relevant legislation. The exact penalties would depend on the specific nature of the breach and the applicable laws in force at the time of the offence. It is advisable for wool-brokers and dealers to ensure strict compliance with the requirements of the Act to avoid potential legal repercussions.