WOOL TAX ACT (No. 3).
WOOL TAX (No. 3) REGULATIONS.
Statutory Rules 1964, No. 68.(a)
Citation.
1. These Regulations may be cited as the Wool Tax (No. 3) Regulations.
Prescribed rate of tax.
2. For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 3) 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. 3) 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. 3) 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 manufacturer from a person other than a wool-broker or a registered wool-dealer:
“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. 3) 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. 3) 1964.”.
Overview
The Wool Tax (No. 3) Regulations, Statutory Rules 1964, No. 68, were enacted in 1964 to provide specific details regarding the implementation of the Wool Tax Act (No. 3) 1964. This legislation was introduced to address the need for a structured regulatory framework governing the taxation of shorn wool produced in Australia and purchased by manufacturers from individuals other than wool-brokers or registered wool-dealers. The Wool Tax Act (No. 3) 1964 was enacted by the Commonwealth of Australia under the authority of the Federal Executive Council, with the Governor-General playing a key role in the regulatory process. The policy objective of these regulations was to establish a prescribed tax rate for the specified period, ensuring a systematic approach to collecting the tax and providing clarity for all stakeholders involved in the wool industry.
Scope and Application
The Wool Tax (No. 3) Regulations, made under the Wool Tax Act (No. 3) 1964, apply to all shorn wool produced in Australia and purchased by a manufacturer from a person other than a wool-broker or a registered wool-dealer on or after July 1, 1964. This legislation targets the wool industry by imposing a tax on the sale value of wool, with the specific rate for the period from July 1, 1964, to June 30, 1965, set at one and seven-eighths per centum. The regulations extend to the entire Commonwealth of Australia, ensuring a uniform application across all states and territories. The Governor-General, acting with the advice of the Federal Executive Council and considering recommendations from the Australian Wool Industry Conference, has the authority to prescribe different tax rates through subordinate instruments, providing flexibility in tax regulation. These regulations do not specify any exclusions or exemptions beyond the stipulated conditions of the act.
Key Provisions
The Wool Tax (No. 3) Regulations (1964) provide specific details concerning the tax rate applicable to the sale of shorn wool produced in Australia. Section 2 of the Regulations sets the tax rate for the period commencing on 1 July 1964 and ending on 30 June 1965 at one and seven-eighths per centum of the sale value of the wool. This rate is in accordance with the provisions of section 5 of the Wool Tax Act (No. 3) 1964, which allows for a tax to be imposed on shorn wool sold by a manufacturer to a person who is not a wool-broker or a registered wool-dealer.
The Regulations impose a specific tax rate on the sale of shorn wool produced in Australia, as outlined in section 2. This rate is applicable to transactions occurring within the specified period. The tax is levied on all shorn wool produced in Australia and sold by a manufacturer to a purchaser who is not a wool-broker or a registered wool-dealer, in line with section 5 of the Act. The Governor-General must consider any recommendations made by the Australian Wool Industry Conference before setting the tax rate.
Under the Wool Tax (No. 3) Regulations, parties involved in the sale of shorn wool must comply with the prescribed tax rate. Manufacturers purchasing wool from entities other than wool-brokers or registered wool-dealers must ensure that the appropriate tax is levied on the sale value of the wool. The regulations also require adherence to the period specified for the tax rate, which is from 1 July 1964 to 30 June 1965.
Failure to comply with the Wool Tax (No. 3) Regulations can result in civil and criminal penalties. The Act and Regulations do not explicitly state the penalties for non-compliance, but under general Australian tax laws, penalties for non-compliance with tax regulations can include fines and potential imprisonment for more severe breaches. The specific penalties would depend on the nature and severity of the breach, as well as any additional provisions outlined in the primary Act or related legislation.