Wool Tax Regulations 1987 (No. 5)
Statutory Rules 1987 No. 147 as amended
made under the
Wool Tax Act (No. 5) 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. 5)
Statutory Rules 1987 No. 147 as amended
made under the
Wool Tax Act (No. 5) 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. 5).
2 Interpretation
In these Regulations, unless the contrary intention appears:
the Act means the Wool Tax Act (No. 5) 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. 5)
Note 1
The Wool Tax Regulations 1987 (No. 5) (in force under the Wool Tax Act (No. 5) 1964) as shown in this compilation comprise Statutory Rules 1987 No. 147 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. 147 | 25 June 1987 | 1 July 1987 | |
1990 No. 197 | 29 June 1990 | 1 July 1990 | — |
1991 No. 213 | 28 June 1991 | 1 July 1991 | — |
1992 No. 210 | 30 June 1992 | 1 July 1992 | — |
1993 No. 174 | 30 June 1993 | 1 July 1993 | — |
1994 No. 230 | 30 June 1994 | 1 July 1994 | — |
1995 No. 199 | 30 June 1995 | 1 July 1995 | — |
1996 No. 140 | 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 = repealed rs. = repealed and substituted |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. 197 |
| rs. 1991 No. 213 |
| am. 1992 No. 210; 1993 No. 174; 1994 No. 230; 1995 No. 199; 1996 No. 140 |
| rs. 2000 No. 153 |
Overview
The Wool Tax Regulations 1987 (No. 5), Statutory Rules 1987 No. 147 as amended, are regulations made under the Wool Tax Act (No. 5) 1964, establishing the rate of tax for shorn wool and carpet wool on which tax is payable. The primary objective of these regulations is to enforce the collection of a tax on the sale of wool, ensuring compliance with the Wool Tax Act. These regulations were enacted to fill a legislative gap in the collection of wool tax, providing a structured framework for its imposition. The Wool Tax Regulations 1987 (No. 5) have been subject to amendments over the years, with the latest amendment, Statutory Rules 2000 No. 153, taking effect on 1 July 2000. The regulations are administered by the relevant legislature under the authority of the Commonwealth of Australia, ensuring consistency and fairness in the application of the wool tax across the industry.
Scope and Application
The Wool Tax Regulations 1987 (No. 5), as amended, are made under the Wool Tax Act (No. 5) 1964 and apply to the sale of shorn wool and carpet wool within the Commonwealth of Australia. These regulations specify the rate of tax applicable to the sale value of wool, which is 3% for both shorn wool and carpet wool for the financial year commencing on 1 July 2000. The regulations apply to all entities engaged in the sale of wool within Australia, including producers, processors, and exporters, ensuring compliance with the tax requirements stipulated by the Act. The regulations' scope is limited to the financial transactions involving wool sales and does not extend to other types of goods or services. The application of these regulations can be modified or extended through subordinate instruments, enabling adjustments to tax rates or other provisions as needed over time.
Key Provisions
The Wool Tax Regulations 1987 (No. 5) (the Regulations) establish the rate of tax applicable to shorn wool and carpet wool, as specified in the Wool Tax Act (No. 5) 1964 (the Act). Regulation 3 sets out the rate of tax applicable to shorn wool and carpet wool for the financial year commencing on 1 July 2000. Specifically, for shorn wool (other than carpet wool) and carpet wool, the rate of tax is 3% of the sale value of the wool (Reg. 3(1) and (2)). These rates apply to any transactions occurring within the specified financial year.
The parties or entities governed by the Regulations, primarily wool producers and sellers, are required to ensure that the appropriate tax is calculated and paid on the sale of shorn wool and carpet wool. This involves determining the sale value of the wool and applying the specified tax rate. Compliance with these obligations involves accurate record-keeping and reporting, ensuring that all transactions involving the sale of these types of wool are properly documented and taxed.
Failure to comply with the tax obligations under the Regulations can lead to civil or criminal consequences. While the specific penalties are not detailed in the provided text, under the Act, penalties for non-compliance typically include fines. The exact amount of the fines is not specified in the Regulations but may be found in the Act or in further related legal instruments. Additionally, ongoing non-compliance could result in more severe consequences, such as legal action to enforce payment or other remedies available under the law.