Commonwealth Numbered Acts

WOOL INDUSTRY AMENDMENT ACT 1985 No. 84 of 1985 - SECT 5

5. (1) Section 84A of the Principal Act is repealed and the following section
is substituted: Payment to Corporation in respect of market support

"84A. (1) Where all the tax imposed on particular shorn wool by a Wool Tax Act
has been received by the Commonwealth, there is payable to the Corporation an
amount equal to a prescribed percentage of the sale value of that shorn wool.

"(2) An amount payable to the Corporation under sub-section (1) is-

   (a)  payable in addition to money payable to the Corporation under the
        preceding provisions of this Part; and

   (b)  payable in accordance with determinations of the Minister as to the
        times of payments of amounts under that sub-section.

"(3) A percentage that is prescribed for the purposes of sub-section (1) shall
not-

   (a)  exceed 5%; or

   (b)  be less than 4%.

"(4) Regulations prescribing a percentage for the purposes of sub-section (1)
shall not be such that the sum of-

   (a)  the percentage prescribed for the purposes of that sub-section;

   (b)  the percentage precribed for the purposes of paragraph 68 (1) (a); and

   (c)  the percentage prescribed for the purposes of sub-section 83 (1), that
        apply in relation to the sale value of particular shorn wool is not
        equal to the percentage specified in the rate of tax imposed by a Wool
        Tax Act that is the rate of tax that applied to that wool.

"(5) For the purposes of this section, the sale value of any shorn wool is the
amount that, by virtue of section 10 of the Wool Tax (Administration) Act
1964, is the sale value of that wool for the purposes of that Act.

"(6) Before making regulations prescribing a percentage for the purposes of
sub-section (1), the Governor-General shall take into consideration any
recommendations with respect to that percentage made to the Minister by the
Wool Council of Australia.".

(2) Notwithstanding the repeal of section 84A of the Principal Act by
sub-section (1) of this section, section 84A of the Principal Act continues to
apply, after the commencement of this Act, to and in relation to tax that-

   (a)  was imposed before the commencement of this Act by any Wool Tax Act
        within the meaning of the Principal Act; and

   (b)  was received by the Commissioner of Taxation before, or is received by
        the Commissioner of Taxation after, the commencement of this Act.

(3) Money payable to the Australian Wool Corporation under section 84A of the
Principal Act in its application in accordance with sub-section (2) of this
section is payable out of the Consolidated Revenue Fund, which is appropriated
accordingly.
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