50Payments to Organisation for wool promotion

##### 50 Payments to Organisation for wool promotion (1) This section applies to wool tax imposed in a financial year commencing on or after 1 July 1993. (2) If all the tax imposed by the Wool Tax Acts in a financial year on particular shorn wool (other than carpet wool) is received by the Commonwealth after the commencement of this Act, there is payable to the Organisation for wool promotion an amount equal to such percentage of the sale value of that shorn wool as is applicable, having regard to the current recommendation applying to that financial year. (3) If all the tax imposed by the Wool Tax Acts in a financial year on particular carpet wool is received by the Commonwealth after the commencement of this Act, there is payable to the Organisation for wool promotion an amount equal to such percentage of the sale value of that carpet wool as is applicable, having regard to the current recommendation applying to that financial year.