Commonwealth act

Wheat Tax (War-time) Act 1940

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

69 of 1940

Collection

act

Plain English Summary

2/10 complexity

This wartime law imposed a temporary windfall tax on wheat sold to the Commonwealth from crops harvested on or after 1 October 1941: farmers paid 50% of any price above 3s 10d per bushel.

It aimed to curb profiteering, capture excess wheat prices for the war effort, relied on a companion Assessment Act for collection, and expired six months after the end of the war with Germany.

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Current sections

Direct links to the current provisions in Wheat Tax (War-time) Act 1940.

Wheat Tax (War-time) Act 1940

WHEAT TAX (WAR-TIME).

No. 69 of 1940.

An Act to impose a Tax upon Wheat.

[Assented to 16th December, 1940.]

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 Wheat Tax (War-time) Act 1940.

Commencement.

This Act shall come into operation on the day on which it receives the Royal Assent.

Incorporation.

The Wheat Tax (War-time) Assessment Act 1940 shall be incorporated and read as one with this Act.

Imposition of tax.

A tax is imposed upon all wheat harvested in Australia on or after the first day of October, One thousand nine hundred and forty-one which is acquired by the Commonwealth.

Rate of tax.

The rate of tax per bushel of wheat shall be fifty per centum of the amount by which the price per bushel of wheat exceeds Three shillings and tenpence.

Duration of Act.

This Act shall continue in force until six months after the termination of the present war between His Majesty the King and Germany and no longer.

Source text

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

1 Wheat Tax (War-time) Act 1940