16XGold

#### 16X Gold (1) For the purposes of this Division, where gold has been delivered in accordance with section forty‑two of the Banking Act 1959: (a) the gold shall be deemed to have been exported from Australia on the date on which the gold was so delivered; (b) the person who by mining (including the working of alluvial or surface deposits) produced the minerals from which the gold was obtained, and no other person, shall be deemed to be the producer for export of the gold; (c) except in a case to which the next succeeding paragraph applies, the value of export sales of that producer shall be deemed to include, in relation to the financial year in which the gold was so delivered, the consideration received in respect of the delivery of the gold by the person who so delivered the gold (whether the gold was so delivered by that producer or by another person); (d) where, at any time during the financial year in which the gold was so delivered, the producer referred to in paragraph (b) of this subsection was a shareholder in a prescribed company, the value of export sales of that producer shall be deemed to include: (i) in relation to the financial year in which the gold was so delivered—so much of the consideration received in respect of the delivery of the gold by the person who so delivered the gold (whether the gold was so delivered by that producer or by another person) as exceeds the amount that bears to that consideration the same ratio as the prescribed ratio in relation to that financial year; and (ii) in relation to any financial year (including the financial year in which the gold was so delivered)—so much of the total of any dividends of the kind referred to in subsection (2) of section twenty‑three C of the Income Tax and Social Services Contribution Assessment Act 1936‑1951, or of that Act as amended and in force for the time being, received by him in that financial year as exceeds the amount that bears to the total of those dividends the same ratio as the prescribed ratio in relation to that financial year; and (e) except for the purpose of calculating the prescribed ratio in relation to a financial year that is a financial year later than the financial year that ended on the thirtieth day of June, One thousand nine hundred and sixty‑eight, any actual export of the gold shall not be taken into account for the purposes of this Division. (2) Notwithstanding the provisions of the last preceding subsection, the provisions of this Division apply in relation to gold that: (a) has been purchased from the Reserve Bank; and (b) has been sold to a person other than the Reserve Bank or a prescribed company; as if this section had not been enacted. (3) For the purposes of this section, gold delivered in accordance with section forty‑two of the Banking Act 1959 shall be deemed to have been so delivered at the time treated by the Reserve Bank as the time of delivery of the gold for the purpose of payment of the price fixed and published under section forty‑four of the Banking Act 1959. (4) A reference in this section to the Banking Act 1959 shall be read as including a reference to that Act as amended and in force for the time being. (5) In this section: > prescribed company means a company approved by the Treasurer for the purposes of section twenty‑three C of the Income Tax and Social Services Contribution Assessment Act 1936‑1951 or of that Act as amended and in force for the time being. > the prescribed ratio means: (a) in relation to a financial year that ended on the thirtieth day of June of a year specified in the first column of the table in the First Schedule to this Act—the ratio of the number specified in the second column of that table opposite to that year to the number specified in the third column of that table opposite to that year; and (b) in relation to a financial year that is a financial year later than the financial year that ended on the thirtieth day of June, One thousand nine hundred and sixty‑eight—the ratio of the total quantity of gold purchased from the Reserve Bank sold during the immediately preceding financial year by prescribed companies, being gold other than gold exported by or on behalf of a prescribed company, to the total quantity of all gold purchased from the Reserve Bank sold during that immediately preceding financial year by prescribed companies. > the Reserve Bank means the Reserve Bank of Australia.