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Wool Tax (No. 1) Amendment Bill 1991



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House: House of Representatives

Portfolio: Primary Industries and Energy

Purpose

To reduce the maximum allowable rate of tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker from 30% to 15% and repeal a provision that allows for the imposition of an additional 20% tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker.

Background

Refer to the Digest for the Australian Wool Realisation Commission Bill 1991.

Main Provisions

The Bill will have effect from 1 July 1991 (clause 2).

The effect of clause 4 will be to reduce the maximum rate of tax which may be prescribed on the sale value of shorn wool, other than carpet wool, sold by a wool-broker from 30% to 15% and increase the maximum rate of tax which may be prescribed on the sale value of carpet wool sold by a wool broker from 3.85% to 4%.

Clause 5 will repeal section 5A of the Wool Tax Act (No. 1) 1964 that allows for the imposition of an additional 20% tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker.

Clause 8 will repeal section 7 of the Wool Tax (No. 1) Further Amendment Act 1990. Section 7 sets the operational rate of tax on the sale value of shorn wool, other than carpet wool, sold by a wool-broker at 25% and the rate of tax on the sale value of carpet wool sold by a wool-broker at 3.85%.

Bills Digest Service 5 June 1991

Parliamentary Research Service

For further information, if required, contact the Economics and Commerce Group on 06 2772460.

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 1991

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, 1991.