Wool Tax Regulations 1987 (No. 3)
Statutory Rules 1987 No. 145 as amended
made under the
Wool Tax Act (No. 3) 1964
This compilation was prepared on 1 July 2000
taking into account amendments up to SR 2000 No. 153
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Wool Tax Regulations 1987 (No. 3)
Statutory Rules 1987 No. 145 as amended
made under the
Wool Tax Act (No. 3) 1964
Contents
Page
1 Name of Regulations [see Note 1]
2 Interpretation
3 Rate of tax (Act s 5)
Notes
1 Name of Regulations [see Note 1]
These Regulations are the Wool Tax Regulations 1987 (No. 3).
2 Interpretation
In these Regulations, unless the contrary intention appears:
the Act means the Wool Tax Act (No. 3) 1964.
3 Rate of tax (Act s 5)
(1) For paragraph 5 (1) (b) of the Act, the rate of tax for the financial year commencing on 1 July 2000 that is applicable to shorn wool (other than carpet wool) on which tax is payable is 3% of the sale value of the wool.
(2) For paragraph 5 (2) (b) of the Act, the rate of tax for the financial year commencing on 1 July 2000 that is applicable to carpet wool on which tax is payable is 3% of the sale value of the wool.
Notes to the Wool Tax Regulations 1987 (No. 3)
Note 1
The Wool Tax Regulations 1987 (No. 3) (in force under the Wool Tax Act (No. 3) 1964) as shown in this compilation comprise Statutory Rules 1987 No. 145 amended as indicated in the Tables below.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1987 No. 145 | 25 June 1987 | 1 July 1987 | |
1990 No. 195 | 29 June 1990 | 1 July 1990 | — |
1991 No. 211 | 28 June 1991 | 1 July 1991 | — |
1992 No. 208 | 30 June 1992 | 1 July 1992 | — |
1993 No. 172 | 30 June 1993 | 1 July 1993 | — |
1994 No. 228 | 30 June 1994 | 1 July 1994 | — |
1995 No. 197 | 30 June 1995 | 1 July 1995 | — |
1996 No. 138 | 1 July 1996 | 1 July 1996 | — |
2000 No. 153 | 28 June 2000 | 1 July 2000 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 1................. | rs. 2000 No. 153 |
R. 3................. | am. 1990 No. 195 |
| rs. 1991 No. 211 |
| am. 1992 No. 208; 1993 No. 172; 1994 No. 228; 1995 No. 197; 1996 No. 138 |
| rs. 2000 No. 153 |
Overview
The Wool Tax Regulations 1987 (No. 3) Statutory Rules 1987 No. 145, as amended, were enacted to provide detailed rules for the collection and administration of the wool tax under the Wool Tax Act (No. 3) 1964. This legislation was introduced to address the need for a structured regulatory framework to manage the tax on the sale of wool, ensuring compliance and revenue collection for the government. The regulations were enacted by the Parliament of Australia and aim to streamline the application of the tax by defining specific rates and other operational details. The policy objective behind these regulations is to facilitate an efficient and transparent tax system that supports the wool industry while ensuring adequate revenue generation.
Scope and Application
The Wool Tax Regulations 1987 (No. 3) apply to all persons or entities involved in the sale of shorn wool and carpet wool within the Commonwealth of Australia. These regulations are made under the Wool Tax Act (No. 3) 1964, and they specify the rate of tax applicable to the sale of wool. For the financial year commencing on 1 July 2000, the rate of tax is set at 3% of the sale value of the wool, applicable to both shorn wool and carpet wool. The application of these regulations is nationwide, encompassing all states and territories within Australia. Any amendments to the regulations are made through subsequent statutory rules, ensuring that the tax rates and other provisions are kept up to date.
Key Provisions
The Wool Tax Regulations 1987 (No. 3), as amended, establish the tax rate on shorn wool and carpet wool under the Wool Tax Act (No. 3) 1964. The primary operative section of these Regulations, section 3, specifies the tax rate applicable to the financial year commencing on 1 July 2000. Specifically, for shorn wool (excluding carpet wool) and carpet wool, the tax rate is set at 3% of the sale value of the wool (Regulation 3(1) and (2)).
Entities and individuals governed by these Regulations must comply with the stipulated tax rate. This involves calculating the tax due on the sale value of wool, which is then to be remitted to the appropriate authorities in accordance with the Act. The Regulations clearly define the tax obligations and provide a straightforward calculation method to ensure compliance.
Failure to comply with the tax obligations set out in these Regulations can lead to legal consequences. While the specific penalties for non-compliance are not detailed within the Regulations themselves, the broader Wool Tax Act (No. 3) 1964 likely includes provisions for enforcement, including the imposition of fines or other penalties. It is important for entities and individuals to understand their obligations and ensure timely and accurate tax payments to avoid any potential enforcement actions.