Commonwealth Numbered Acts

REMUNERATION AND ALLOWANCES LEGISLATION AMENDMENT ACT 1992 No. 52 of 1992 - SECT 3

3. After section 12 of the Principal Act the following section is inserted in
Part III: Rebate of tax

"12A.(1) In this section:
'shorn wool tax' means tax imposed on shorn wool (other than carpet wool) by a
Wool Tax Act.

"(2) If, in a financial year, the Minister administering the Australian Wool 
Realisation Commission Act 1991 makes a determination (under paragraph
24B(4)(a) of that Act) that persons who will become liable under section 11 to
pay shorn wool tax imposed during the following financial year should be
entitled to a rebate of that tax, any person who is liable (or would, apart
from section 12, be liable) undersection 11 to pay shorn wool tax imposed
during the following financial year is entitled to a rebate of that tax.

"(3) The amount of the rebate is equal to such percentage of the sale value of
the shorn wool (other than carpet wool) on which the person is liable to pay
the tax as is specified in the determination.

"(4) If a person liable to pay shorn wool tax under section 11 is entitled to
a rebate of the tax, that person, or any person liable under section 12 to pay
the tax, is only required to pay, in discharge of the liability, the
difference between the amount of the tax and the amount of the rebate.".