Commonwealth act

Gold Tax Suspension Act 1947

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

58 of 1947

Collection

act

Plain English Summary

1/10 complexity

What it does: This Act temporarily suspends (puts on hold) the tax on gold that was originally imposed by the Gold Tax Act 1939.

Who it affects: Anyone delivering gold to the Commonwealth Bank (or relevant authority) under section 32 of the Banking Act 1945 — typically gold miners or producers.

When it applies: From 20 September 1947 onwards. The suspension remains in effect until the Governor-General issues a Proclamation (an official government announcement) ending it.

Why it matters: During the suspension period, people don't have to pay tax on gold they deliver to the government under the Banking Act. This effectively gives gold producers a tax break for as long as the suspension lasts.

JSON API Tax / GST / superannuation

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Current sections

Direct links to the current provisions in Gold Tax Suspension Act 1947.

Gold Tax Suspension Act 1947

GOLD TAX SUSPENSION.

No. 58 of 1947.

An Act to Suspend the Tax imposed by the Gold Tax Act 1939.

[Assented to 27th November, 1947.]

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 Gold Tax Suspension Act 1947.

Commencement.

This Act shall be deemed to have come into operation on the twentieth day of September, One thousand nine hundred and forty-seven.

Extension to Territories.

This Act shall extend to every Territory under the authority of the Commonwealth.

Suspension of Gold Tax.

Notwithstanding anything contained in the Gold Tax Act 1939, tax shall not be imposed or payable under that Act in respect of gold delivered in accordance with the provisions of section thirty-two of the Banking Act 1945 on or after the twentieth day of September, One thousand nine hundred and forty-seven, and before such date (if any) as is fixed by Proclamation as the date upon which the tax imposed by that first-mentioned Act shall cease to be suspended.

Source text

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

1 Gold Tax Suspension Act 1947