WOOL TAX ACT (No. 2).
WOOL TAX (No. 2) REGULATIONS.
Statutory Rules 1964, No. 67.(a)
Citation.
1. These Regulations may be cited as the Wool Tax (No. 2) Regulations.
Prescribed rate of tax.
2. For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 2) 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. 2) 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. 2) 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, purchased by a registered wool-dealer from a person other than 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 recommendations with respect to the rate of tax to be prescribed under section 6 of the Wool Tax Act (No. 2) 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. 2) 1964.”
Overview
The Wool Tax Act (No. 2) 1964 was enacted to establish a tax on shorn wool produced in Australia, specifically targeting transactions involving registered wool-dealers and entities other than wool-brokers. This legislation was designed to address the need for revenue generation from the wool industry while providing flexibility for the imposition of tax rates through the establishment of statutory regulations. The Act was enacted by the Parliament of Australia, with the Governor-General making the associated regulations under the authority of the Act. The policy objective was to impose a tax on wool sales to help fund certain industry-related initiatives, while allowing for adjustments in the tax rate based on economic conditions and industry feedback.
Scope and Application
The Wool Tax (No. 2) Regulations 1964 apply to the imposition of tax on all shorn wool produced in Australia and purchased by a registered wool-dealer from a person other than a wool-broker on or after July 1, 1964. This legislation forms part of a broader framework established by the Wool Tax Act (No. 2) 1964, which mandates a tax on wool transactions within the Australian wool industry. The regulations specifically set the tax rate at one and seven-eighths per cent of the sale value of the wool for the period from July 1, 1964, to June 30, 1965. The Governor-General made these regulations under the authority conferred by the Wool Tax Act (No. 2) 1964, taking into account recommendations from the Australian Wool Industry Conference. The regulations' jurisdiction is nationwide, applying uniformly across all states and territories in Australia, as per the federal legislative framework. No specific exclusions or exemptions are mentioned in the regulations, although the Act allows for the possibility of lower rates under certain conditions. The application of the tax is further governed by subordinate instruments, which may adjust the rates or periods as needed.
Key Provisions
The Wool Tax (No. 2) Regulations, made under the Wool Tax Act (No. 2) 1964, set out the tax rate for the period from 1 July 1964 to 30 June 1965. Specifically, section 2 of these Regulations prescribes that the tax rate for this period is 1.875% of the sale value of the wool. This rate is applicable under section 5(b) of the Wool Tax Act (No. 2) 1964, which states that the tax is imposed at a rate of 2% unless a lower rate is prescribed under section 6 of that Act.
The Wool Tax Act (No. 2) 1964 imposes a tax on all shorn wool produced in Australia and purchased by a registered wool-dealer from a person other than a wool-broker on or after 1 July 1964. The Act provides for a default tax rate of 2% of the sale value of the wool, but allows for the Governor-General to prescribe a lower rate through regulations. The Regulations thus serve to implement this lower rate for the specified period, as authorised by section 6 of the Act. The Governor-General must consider recommendations from the Australian Wool Industry Conference before making such regulations.
The obligations under these Regulations primarily concern registered wool-dealers and other entities involved in the sale of shorn wool in Australia. Registered wool-dealers must ensure they comply with the prescribed tax rate when purchasing wool from individuals other than wool-brokers for the period specified in the Regulations. This includes accurately calculating the tax based on the sale value of the wool and ensuring that the appropriate amount is remitted to the relevant authorities. Additionally, any entity involved in the sale of wool during this period must adhere to the tax rate set out in the Regulations.
The Wool Tax Act (No. 2) 1964 includes provisions for offences and penalties for non-compliance. While the specific penalties are not detailed in the Regulations, it is understood that breaches of the Act and its Regulations could result in civil or criminal consequences. This may include fines or other penalties as prescribed by law. The exact penalties would depend on the nature and severity of the breach, and could be pursued through the appropriate legal channels.