WOOL TAX ACT (No. 1).
WOOL TAX (No. 1) REGULATIONS.
Statutory Rules 1964, No. 66.(a)
Citation.
1. These Regulations may be cited as the Wool Tax (No. 1) Regulations.
Prescribed rate of tax.
2. For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 1) 1964, the rate of the tax in respect of the period commencing on the first day of July, 1964, and ending on the thirtieth day of June, 1965, is one and seven-eighths per centum of the sale value of the wool.
(a) Made under the Wool Tax Act (No. 1) 1964 on 10 June, 1964; notified in the Commonwealth Gazette on 19 June, 1964.
The form of introductory words used to make the Statutory Rule was as follows:—
“Whereas by sub-section (1.) of section 4 of the Wool Tax Act (No. 1) 1964 it is provided that, subject to that section, a tax is imposed on all shorn wool produced in Australia and, on or after the first day of July, One thousand nine hundred and sixty-four, sold by a wool-broker:
“And whereas by section 5 of that Act it is provided that the rate of the tax is two per centum of the sale value of the wool or, if a lower rate prescribed under section 6 of that Act is applicable, that lower rate:
“And whereas by section 6 of that Act it is provided that—
(a) the Governor-General may make regulations prescribing a rate of tax lower than two per centum of the sale value of the wool;
(b) the regulations may limit the application of a rate of tax prescribed by the regulations to a period specified in the regulations; and
(c) before making regulations under that section prescribing a rate of tax, the Governor-General shall take into consideration any recommendations with respect to that rate made to the Minister by the Australian Wool Industry Conference, being the organization that was formed under that name on the twenty-fourth day of October, One thousand nine hundred and sixty-two:
“Now therefore I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council and after taking into consideration the recommendation with respect to the rate of tax to be prescribed under section 6 of the Wool Tax Act (No. 1) 1964 made to the Minister by the Australian Wool Industry Conference, being the organization that was formed under that name on the twenty-fourth day of October, One thousand nine hundred and sixty-two, hereby make the following Regulations under the Wool Tax Act (No. 1) 1964.”
Overview
The Wool Tax Act (No. 1) 1964 was enacted to impose a tax on all shorn wool produced in Australia and sold by a wool-broker on or after 1 July 1964. The purpose of this Act was to address the need for additional revenue from the wool industry, which was a significant sector of the Australian economy at the time. The Wool Tax (No. 1) Regulations, made under this Act, were introduced to specify the tax rate and other relevant details. The policy objective was to ensure that the tax was implemented in a manner that took into consideration recommendations from the Australian Wool Industry Conference. The enacting body was the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and these regulations were notified in the Commonwealth Gazette on 19 June 1964.
Scope and Application
The Wool Tax Act (No. 1) 1964 imposes a tax on all shorn wool produced in Australia and sold by a wool-broker on or after July 1, 1964. The Act applies to individuals and entities engaged in the sale of wool within Australia, focusing on the transactions involving the sale of shorn wool by wool-brokers. The legislation's jurisdictional reach is national, as it pertains to the entire Commonwealth of Australia. The Wool Tax (No. 1) Regulations 1964 provide further detail, specifying the prescribed rate of tax for the period commencing July 1, 1964, and ending June 30, 1965, which is set at one and seven-eighths per centum of the sale value of the wool. These Regulations were made under the authority of the Act and took into consideration recommendations from the Australian Wool Industry Conference before being issued by the Governor-General. The Act does not explicitly state any exclusions, exemptions, or thresholds, but the regulations may be extended or altered through subordinate instruments, allowing for adjustments to the tax rate or its application period as deemed necessary.
Key Provisions
The Wool Tax (No. 1) Regulations (1964) establish a specific tax rate for shorn wool produced in Australia and sold by a wool-broker for the period from 1 July 1964 to 30 June 1965. Under section 2 of these Regulations, the tax rate is set at one and seven-eighths per centum of the sale value of the wool. This tax rate is applicable to all wool sold during the specified period, as outlined in section 5 of the Wool Tax Act (No. 1) 1964.
The Regulations impose several obligations on the parties they govern. Firstly, wool-brokers selling shorn wool in Australia are required to adhere to the tax rate specified in these Regulations. This entails calculating the tax owed based on the sale value of the wool and ensuring compliance with the prescribed tax rate for the designated period. Additionally, the Australian Wool Industry Conference has a role in recommending tax rates to the Minister, which the Governor-General must consider before making any regulations under section 6 of the Wool Tax Act (No. 1) 1964.
Failure to comply with the provisions of these Regulations can result in legal consequences. While specific offences and penalties are not detailed in the Regulations themselves, breaches of the Wool Tax Act (No. 1) 1964 or any regulations made under it can lead to both civil and criminal penalties. These may include fines, imprisonment, or other sanctions as prescribed by law. The exact penalties would depend on the nature and severity of the breach, as well as the applicable legislation and judicial decisions.