Commonwealth legislation

Wool Tax (No. 1) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

123 of 1973

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set the wool tax rate at 2.4% of the sale value.

Key points:

What it does: Replaces the 1970 rules and fixes the tax rate that applies when wool is sold. The tax is calculated as 2.4% (written as "two and four-tenths per centum") of the sale price.
Who pays: Wool producers (growers) and sellers in Australia. The tax is levied under the Wool Tax Act (No. 1) 1964-1973.
Why it matters: This rate determines how much money is collected from wool sales to fund industry activities—typically wool promotion, research, or market stabilization schemes. The 2.4% figure represents the government's policy setting for industry contributions during this period.

In short, if you sold wool in Australia, this regulation meant 2.4% of the proceeds went to the tax office for wool industry funding.

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Current sections

Direct links to the current provisions in Wool Tax (No. 1) Regulations.

Wool Tax (No. 1) Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules

1973 No. 123

REGULATIONS UNDER THE WOOL TAX ACT (No. 1) 1964-1973.*

I, THE GOVERNOR-GENERAL of Australia, acting with the advice of the Executive Council, hereby make the following Regulations under the Wool Tax Act (No. 1) 1964-1973.

Dated this twenty-seventh day of June, 1973.

PAUL HASLUCK

Governor-General.

By His Excellency’s Command,

FRANK CREAN

Treasurer.

WOOL TAX (No. 1) REGULATIONS

Citation.

1. These Regulations may be cited as the Wool Tax (No. 1) Regulations.

Commencement.

These Regulations shall come into operation on 1st July, 1973.

Repeal.

The Wool Tax (No. 1) Regulations (being Statutory Rules 1970, No. 95) are repealed.

Prescribed rate of tax.

For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 1) 1964-1973 the rate of tax is two and four-tenths per centum of the sale value of the wool.

* Notified in the Commonwealth Gazette on 29 June 1973.

Source text

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

1 Wool Tax (No. 1) Regulations