Download PDF

House: House of Representatives

Portfolio: Primary Industries and Energy

Purpose

To increase the maximum allowable rate of tax on the sale value of shorn wool sold by a wool-broker from 20% to 30%; set the operational rate of tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker at 25%; provide for the imposition of an additional tax on the sale value of shorn wool sold by a wool-broker to a maximum rate of 20%; and reduce the rate of tax on the sale value of carpet wool sold by a wool-broker from 18% to 3.85%.

Background

Refer to the Digest for the Wool Legislation Amendment Bill 1990.

Main Provisions

The Bill will have effect from 4 October 1990 (clause 2).

The maximum rate of tax which may be prescribed on the sale value of shorn wool sold by a wool-broker will be increased from 20% to 30% by clause 4.

Clause 5 provides for the imposition of an additional tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker. The maximum rate of additional tax which may be imposed will be 20%.

The Governor-General may make regulations, including regulations prescribing the rate of tax for shorn wool and carpet wool and the rate of additional tax for shorn wool (clause 6).

The effect of clause 7 will be to set the operational rate of tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker at 25% and reduce the rate of tax on the sale value of carpet wool sold by a wool-broker from 18% to 3.85%.

Bills Digest Service 9 November 1990

Parliamentary Research Service

For further information, if required, contact the Economics and Commerce Group on 06 2772462.

This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Commonwealth of Australia 1990

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1990.