Commonwealth legislation

Wool Tax (No. 2) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

169 of 1980

Collection

legislative instrument

Plain English Summary

1/10 complexity

These Regulations set the specific tax rates for wool under the Wool Tax Act (No. 2) 1964.

What it does:

Fixes the wool tax rate at 0.5% for wool valued under paragraph 5(1)(a) of the Act
Fixes the wool tax rate at 2.5% for wool valued under paragraph 5(1)(b) of the Act

Who it affects:

Wool producers and dealers required to pay wool tax
The Wool Council of Australia, which must recommend rates to the Minister before the Governor-General can set them

Why it matters: These percentages determine the amount of tax the wool industry pays to the Commonwealth. The requirement for the Wool Council to recommend rates ensures the industry has a formal say in its taxation levels.

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 Wool Tax (No. 2) Regulations.

Wool Tax (No. 2) Regulations

View image in the official source

Statutory Rules

1980 No. 169

REGULATIONS UNDER THE WOOL TAX ACT (No. 2) 19641

WHEREAS it is provided by sub-section 6 (3) of the Wool Tax Act (No. 2) 1964 that, before making regulations under that section prescribing a rate of tax, the Governor-General shall take into consideration any recommendations with respect to that rate made to the Minister by the Wool Council of Australia:

NOW THEREFORE I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and after taking into consideration the recommendations with respect to that rate of tax made to the Minister by the Wool Council of Australia, hereby make the following Regulations under the Wool Tax Act (No. 2) 1964.

Dated this eighteenth day of June 1980.

ZELMAN COWEN

Governor-General

By His Excellency’s Command,

JOHN HOWARD

Treasurer

WOOL TAX (No. 2) REGULATIONS

Citation

These Regulations may be cited as the Wool Tax (No. 2) Regulations.

Interpretation

In these Regulations, “the Act” means the Wool Tax Act (No. 2) 1964.

Prescribed percentage

(1) For the purposes of paragraph 5 (1) (a) of the Act, 0.5 per cent is prescribed.

(2) For the purposes of paragraph 5 (1) (b) of the Act, 2.5 per cent is prescribed.

Note: NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 1980.

Source text

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

1 Wool Tax (No. 2) Regulations