Commonwealth act

Bank Notes Tax Act 1910

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

14 of 1910

Collection

act

Plain English Summary

2/10 complexity

This law levies a 10% annual tax on private banks’ unredeemed bank notes—£10 per £100 of notes issued and outstanding—to be calculated from the average closing value each Monday across the year. Tax is payable to the Crown by 30 June following the tax year.

By making private note-issuing costly, the measure pressured banks away from issuing their own currency and promoted a single national currency system.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Bank Notes Tax Act 1910.

Bank Notes Tax Act 1910

BANK NOTES TAX.

No. 14 of 1910.

An Act to impose a Tax upon Bank Notes.

[Assented to 10th October, 1910.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

This Act may be cited as the Bank Notes Tax Act 1910.

Commencement.

This Act shall commence on a day to be fixed by proclamation.

Definitions.

In this Act—

“Bank” means a person or company carrying on the business of banking;

“Bank note” means a bill or note for the payment of money issued by a bank and payable to bearer on demand and intended for circulation; and

“Year” means a year commencing on the first day of January.

Imposition of bank note tax.

A tax at the rate of Ten pounds per centum for each year (including the year in which this Act commences) is imposed in respect of all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed.

Assessment of bank note tax.

The tax payable under this Act by a bank for any year shall be assessed upon the average amount of bank notes issued or re-issued by the bank after the commencement of this Act, and not redeemed at the close of business on the several Mondays of that year.

Time for payment of bank note tax.

The tax imposed by this Act in respect of the bank notes of a bank shall be payable by the bank before the thirtieth day of June in the year next after the year for which it was imposed.

Tax to be paid to the King.

The tax imposed by this Act shall be paid to the King for the purposes of the Commonwealth.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Bank Notes Tax Act 1910