WOOL USE PROMOTION.
No. 96 of 1952.
An Act to amend the Wool Use Promotion Act 1945, as amended by the Wool Tax Assessment Act 1952.
[Assented to 18th November, 1952.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Wool Use Promotion Act 1952.
(2.) The Wool Use Promotion Act 1945, as amended by the Wool Tax Assessment Act 1952, is in this Act referred to as the Principal Act.
(3.) Section thirteen of the Wool Tax Assessment Act 1952 is amended by omitting sub-section (4.).
(4.) The Principal Act, as amended by this Act, may be cited as the Wool Use Promotion Act 1945–1952.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Wool Research Trust Account.
3. Section fifteen of the Principal Act is amended by inserting after sub-section (1) the following sub-section:—
“(2.) The Treasurer shall, in respect of each financial year, pay into the Research Account out of tie Consolidated Revenue Fund, which is appropriated accordingly—
(a) the sum of Two shillings for each bale of wool;
(b) the sum of One shilling for each fadge or butt of wool; and
(c) the sum of Four pence for each bag of wool,
in respect of which tax has been paid in that financial year under the Wool Tax Act (No. 1) 1953 or the Wool Tax Act (No. 2) 1952.”
Application of Fund.
4. Section seventeen of the Principal Act is amended—
(a) by omitting sub-section (1.); and
(b) by omitting from sub-section (2.) the words “Subject to the last preceding sub-section, the moneys” and inserting in their stead the words “The moneys”.
Overview
The Wool Use Promotion Act 1952, enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, is an amendment to the Wool Use Promotion Act 1945. Its primary objective is to address the appropriation of grants originating in the House of Representatives and to modify specific provisions of the Wool Tax Assessment Act 1952. This Act aims to ensure that funds are appropriately allocated to the Wool Research Trust Account, reflecting contributions based on the quantity of wool taxed under the Wool Tax Act (No. 1) 1953 and the Wool Tax Act (No. 2) 1952. The Act specifies the application of these funds towards research and promotion activities within the wool industry, thereby supporting the development and diversification of wool use. The Wool Use Promotion Act 1952 will come into operation upon receiving Royal Assent, ensuring that the stipulated financial provisions are enacted and enforced in a timely manner.
Scope and Application
The Wool Use Promotion Act 1952 amends the Wool Use Promotion Act 1945 to enhance the appropriation of funds for wool research and promotion. The Act applies to financial transactions involving wool, specifically relating to the payment of taxes under the Wool Tax Act (No. 1) 1953 or the Wool Tax Act (No. 2) 1952. This includes all entities and persons involved in the wool industry, such as wool producers, processors, and exporters, who must pay taxes on wool products. The Act specifies that the Treasurer is to allocate funds into the Wool Research Trust Account, with payments based on the volume of wool taxed. The funds are to be used exclusively for research and promotion purposes within the wool industry. This Act has a national reach as it is a Commonwealth legislation, applying across the entirety of Australia. It does not explicitly state any exclusions, exemptions, or thresholds within the provided excerpt, though it can be inferred that entities not involved in the wool industry or not subject to wool taxes would not be impacted. The Act may extend its application through subordinate instruments or regulations that detail specific operational aspects and administrative procedures.
Key Provisions
The Wool Use Promotion Act 1952, as it amends the Wool Use Promotion Act 1945 and the Wool Tax Assessment Act 1952, primarily introduces a funding mechanism for the Wool Research Trust Account (section 3). This Act requires the Treasurer to make specific payments into the Research Account for each financial year. These payments include Two shillings for each bale of wool, One shilling for each fadge or butt of wool, and Four pence for each bag of wool, provided that tax has been paid on such wool under the Wool Tax Act (No. 1) 1953 or the Wool Tax Act (No. 2) 1952. This ensures that funds collected through the wool tax are allocated towards research, as specified in the amended Principal Act.
The obligations imposed by the Act on the relevant parties are centred around the allocation and application of the funds. The Treasurer must ensure that the specified payments are made into the Research Account each financial year, as outlined in section 3. This requirement ensures a consistent and transparent funding mechanism for wool research. The Act also mandates the amendment of section seventeen of the Principal Act, which affects the application of the funds in the Research Account. By omitting certain subsections and modifying the wording, the Act streamlines the process by which these funds are allocated and used.
Breach of the provisions of the Wool Use Promotion Act 1952 may have civil or administrative consequences, depending on the specific circumstances of non-compliance. While the Act does not explicitly outline penalties for non-compliance, it is reasonable to infer that failure to adhere to the financial obligations and fund applications stipulated could lead to legal scrutiny or corrective actions. Given the nature of the Act, breaches could potentially result in financial penalties or administrative actions to ensure compliance with the legislative requirements.