Wool Tax (No. 4) Amendment Act 1985
No. 88 of 1985
An Act to amend the Wool Tax Act (No. 4) 1964
[Assented to 6 June 1985]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as the Wool Tax (No. 4) Amendment Act 1985.
(2) The Wool Tax Act (No. 4) 19641 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come into operation on 1 July 1985.
3. Section 5 of the Principal Act is repealed and the following section is substituted:
Rate of tax
“5. The rate of the tax imposed on shorn wool subjected by a manufacturer to a process of manufacture is—
(a) 8% of the sale value of the wool; or
(b) if a lower rate is prescribed under section 6—that lower rate.”.
Regulations
4. Section 6 of the Principal Act is amended by omitting sub-section (1) and substituting the following sub-sections:
“(1) Subject to sub-section (2), the Governor-General may make regulations prescribing a rate of tax that is lower than the rate specified in paragraph 5 (a), being a rate that is a particular percentage of the sale value of the shorn wool on which the tax is imposed.
“(2) A percentage specified in a rate of tax prescribed under sub-section (1) shall—
(a) exceed 4%; and
(b) not be such that, at any time, the percentage specified in the rate of tax prescribed under that sub-section is different from a percentage specified in a rate of the tax imposed by the Wool Tax Act (No. 1) 1964, the Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, or the Wool Tax Act (No. 5) 1964.”.
NOTE
1. No. 28, 1964, as amended. For previous amendments, see No. 67, 1973; No. 69, 1974; No. 89, 1975; Nos. 37 and 75, 1976; No. 47, 1977; No. 75, 1978; No. 35, 1979; and No. 54, 1980.
[Minister’s second reading speech made in—
House of Representatives on 8 May 1985
Senate on 27 May 1985]
Overview
The Wool Tax (No. 4) Amendment Act 1985 was enacted by the Parliament of Australia to amend the existing Wool Tax Act (No. 4) 1964. The Act addresses the need to update the tax rate on shorn wool and to provide the Governor-General with more flexibility in setting tax rates through regulations. The legislation was designed to ensure that the tax rates remain consistent across various wool tax acts and to allow for adjustments to the tax rate without the need for further parliamentary amendments. The policy objective of the Act is to provide a streamlined and effective means of managing the tax on shorn wool, reflecting any necessary changes in economic conditions or policy priorities.
Scope and Application
The Wool Tax (No. 4) Amendment Act 1985 amends the Wool Tax Act (No. 4) 1964, which pertains to the imposition of tax on shorn wool subjected to a process of manufacture. The Act applies to manufacturers who handle shorn wool and are subject to the tax. The tax rate is specified as either 8% of the sale value of the wool or a lower rate prescribed under regulations. The Act's jurisdiction is national, applying across the Commonwealth of Australia. The Act allows for the Governor-General to make regulations that can prescribe a lower rate of tax, provided it does not fall below 4% and remains consistent with the rates imposed under other related Wool Tax Acts. The Act came into operation on 1 July 1985, and no exclusions or exemptions are specified within the text of the Act itself, though subordinate regulations may introduce further details or conditions.
Key Provisions
The Wool Tax (No. 4) Amendment Act 1985 makes specific changes to the Wool Tax Act (No. 4) 1964, primarily focusing on the rate of tax applied to shorn wool subjected to manufacturing processes (s. 3). The new tax rate is 8% of the sale value of the wool, or a lower rate if prescribed by regulation (s. 5). The Act also allows the Governor-General to make regulations prescribing a lower tax rate, provided it is more than 4% and consistent with the rates imposed by other wool tax acts (s. 6). The Act comes into operation on 1 July 1985 (s. 2).
Entities governed by this Act, primarily manufacturers of shorn wool, are required to adhere to the specified tax rates and any regulations made under the Act. These entities must calculate the tax based on the sale value of the wool and ensure they comply with the tax rates set by the Act or any applicable regulations (s. 5). Manufacturers must also be aware of and comply with any regulations prescribed by the Governor-General, which may provide for a lower tax rate as long as it meets the specified criteria (s. 6).
Breaches of this Act may result in legal consequences. While the Act does not explicitly detail offences, penalties, or consequences for non-compliance, it is reasonable to infer that failure to comply with the tax provisions could lead to penalties under the principal Wool Tax Act (No. 4) 1964 or other related legislation. The penalties for such breaches could include fines or other civil or criminal sanctions as prescribed by the relevant Acts. However, the exact penalties are not specified in this amendment but would be governed by the broader tax legislation framework.