18‑3 Rate of the levy18‑3 Rate of the levy

18‑3 Rate of the levy

(1) The rate of the levy on wool is worked out using this table.

<table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><thead><tr><td colspan="2" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Wool levy</span></p></td></tr><tr><td style="width:8.58%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:91.42%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Rate of levy</span></p></td></tr></thead><tbody><tr><td style="width:8.58%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:91.42%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1.5% of the value of the wool (the general component)</span></p></td></tr></tbody></table>

(2) The value of wool is: (a) for wool that is sold—the sale price of the wool, excluding handling, storage and transport costs; or (b) for wool (the relevant wool) that is used in the production of other goods—the market price of wool of the same quality that is most recently sold at a market that is closest to the premises at which the relevant wool begins to be so used.

Note 1: Section 22 of the Act has the effect that the reference to the sale price or market price of wool is taken not to include the net GST.

Note 2: In 2024, the Australian Wool Exchange published market prices of wool.