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Wednesday, 2 May 1973
Page: 1583


Dr PATTERSON (Dawson) (Minister for Northern Development) - I move:

That the Bills be now read a second time.

These 5 Bills are designed to amend the Wool Tax Acts (Nos 1 to 5) 1964 in terms of the new arrangements made by the Government for the collection of a consolidated wool levy to finance wool research, promotion and the administration of the marketing functions of the Australian Wool Corporation. These arrangements are dealt with in the second reading speech on the Wool Industry Bill. This levy will incorporate the charge imposed on wool sold by auction, previously collected by the Australian Wool Corporation through wool brokers, to finance the Corporation's administrative marketing costs. All 5 Wool Tax Bills are similar in their provisions and increase from 2 per cent to 3 per cent the rate of wool tax payable where a lower rate has not been prescribed by regulation. The operative rate of the consolidated levy is being prescribed by regulation at 2.4 per cent as from 1st July 1973.

The Wool Tax Act (No. 1) imposes a tax on shorn wool produced in Australia and sold by a wool broker. The other Wool Tax Acts ensure that where wool is not sold by a broker, it is subject to tax at some other point. The need for 5 separate Acts arises from a constitutional requirement that laws imposing taxes shall deal with one subject of taxation only. I commend these Bills to the House.

Debate (on motion by Mr Sinclair) adjourned.







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