Commonwealth legislation

Wool Tax (No. 5) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

110 of 1974

Collection

legislative instrument

Plain English Summary

1/10 complexity

What this does

These regulations set the specific rate of tax payable on wool sales in Australia. They prescribe that wool tax is calculated at 2.75% of the sale value of the wool.

Who it affects

Primarily wool growers and producers who sell wool and are required to pay wool tax under the Wool Tax Act (No. 5).

Key details

Tax rate: Fixed at 2.75% of the wool's sale value (the price it sells for)
Replacement: These regulations supersede the previous 1973 regulations on the same topic
Legal basis: Made under the Wool Tax Act (No. 5) 1964-1973, which authorises the Governor-General to set the exact percentage rate via regulation

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Current sections

Direct links to the current provisions in Wool Tax (No. 5) Regulations.

Wool Tax (No. 5) Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules

1974 No. 110

REGULATIONS UNDER THE WOOL TAX ACT (No. 5) 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. 5) 1964-1973.

Dated this twenty-first day of June, 1974.

PAUL HASLUCK

Governor-General.

By His Excellency’s Command,

FRANK CREAN

Treasurer.

________

WOOL TAX (No. 5) REGULATIONS

Citation.

1. These Regulations may be cited as the Wool Tax (No. 5) Regulations.

Commencement.

2. These Regulations shall come into operation on 1 July 1974.

Repeal.

3. The Wool Tax (No. 5) Regulations (being Statutory Rules 1973, No. 127) are repealed.

Prescribed rate of tax.

For the purposes of paragraph (b) of section 5 of the Wool Tax Act (No. 5) 1964-1973 the rate of tax is 2.75 per centum of the sale value of the wool.

* Notified in the Australian Government Gazette on 24 June 1974.

Source text

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

1 Wool Tax (No. 5) Regulations