WOOL TAX ACT (No. 4).
WOOL TAX (No. 4) REGULATIONS.
Statutory Rules 1964, No. 69.(a)
Citation.
1. These Regulations may be cited as the Wool Tax (No. 4) Regulations.
Prescribed rate of tax.
2. For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 4) 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. 4) 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. 4) 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, subjected by a manufacturer to a process of manufacture:
“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. 4) 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. 4) 1964.”
Overview
The Wool Tax (No. 4) Regulations 1964, Statutory Rules 1964, No. 69, were enacted to establish the prescribed rate of tax on shorn wool produced in Australia for the fiscal year commencing 1 July 1964 and ending 30 June 1965. These regulations were introduced under the authority of the Wool Tax Act (No. 4) 1964, which imposes a tax on all shorn wool subjected to a manufacturing process on or after 1 July 1964. The policy objective of these regulations was to set a specific tax rate for the designated period, taking into consideration recommendations from the Australian Wool Industry Conference. The regulations were made by the Governor-General in Council, in response to the provisions outlined in the Wool Tax Act, and were notified in the Commonwealth Gazette on 19 June 1964.
Scope and Application
The Wool Tax (No. 4) Regulations, enacted under the Wool Tax Act (No. 4) 1964, specify the rate of tax applicable to all shorn wool produced in Australia and subjected to a manufacturing process on or after 1 July 1964. The tax is levied at a rate of one and seven-eighths per centum of the sale value of the wool for the period from 1 July 1964 to 30 June 1965. This legislation applies nationally across Australia, imposing a financial obligation on producers and manufacturers of wool within the specified timeframe. The Act provides flexibility by allowing the Governor-General to set different tax rates through subordinate regulations, taking into account recommendations from the Australian Wool Industry Conference. However, the primary application of the Act remains the imposition of a tax on the sale value of wool produced and processed within Australia during the specified period, with no stated exclusions or exemptions within the text provided.
Key Provisions
The Wool Tax (No. 4) Regulations establish the prescribed rate of tax for the period commencing on the first day of July, 1964, and ending on the thirtieth day of June, 1965, which is one and seven-eighths per centum of the sale value of the wool (Regulation 2). This regulation aligns with section 5 of the Wool Tax Act (No. 4) 1964, which mandates that the tax rate is two per centum of the sale value of the wool, or a lower rate if prescribed under section 6 of the Act.
Entities subject to the Wool Tax Act (No. 4) 1964, including manufacturers of wool, are required to adhere to these regulations by applying the specified tax rate on the sale value of the wool during the designated period. The regulations are made under the authority of the Governor-General, acting on the advice of the Federal Executive Council and taking into account recommendations from the Australian Wool Industry Conference regarding the tax rate (Regulation 1).
Failure to comply with the provisions of the Wool Tax Act (No. 4) 1964 and the accompanying regulations may result in various legal consequences. While specific offences, penalties, or consequences are not detailed in the regulations themselves, the Act likely includes provisions for enforcement, penalties for non-compliance, and possible civil or criminal charges. The maximum penalties or specific consequences for breach would be outlined in the main Act, but they could potentially include fines, legal action, or other regulatory sanctions.
The Wool Tax (No. 4) Regulations play a crucial role in ensuring that the prescribed tax rates are correctly applied to the sale of wool within the specified timeframe. The entities governed by these regulations must ensure that they comply with the tax requirements to avoid any legal repercussions. The authority and recommendations from the Australian Wool Industry Conference underscore the importance of industry input in shaping tax policies and regulations, reflecting a collaborative approach to governance in the wool industry.