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WOOL TAX (ADMINISTRATION) REGULATIONS (AMENDMENT) 1994 NO. 90

WOOL TAX (ADMINISTRATION) REGULATIONS (AMENDMENT) 1994 NO. 90

EXPLANATORY STATEMENT

STATUTORY RULES 1994 No. 90

Issued by the authority, of the Minister for Primary Industries and Energy

WOOL TAX (ADMINISTRATION) ACT 1964

WOOL TAX (ADMINISTRATION) REGULATIONS (AMENDMENT)

The Wool Tax (Administration) Act 1964 (the Act) provides for the Governor-General to make regulations for the purpose of prescribing all matters required or permitted by this Act to be prescribed.

The Act provides for the administration of the wool tax imposed by the relevant wool taxing Acts (Wool Tax Acts (No. 1 to 5) 1964). In so doing it defines liability to taxation, sets out the requirements for both the registration of those persons remitting tax and for appraisement of wool, provides for the issue of certificates for payment or exemption of tax, sets out the information required to accompany tax remittances, details arrangements for the collection and recovery of tax, provides for review and appeal of decisions and sets penalties.

The purpose of the Regulations is to correct an internal reference in the Wool Tax (Administration) Regulations relating to additional information on individual transactions of wool. Such information is required to be provided by intermediaries to the Commissioner for Taxation at the time wool tax becomes payable and is paid.

The need for this additional information, which is to be provided to Wool International, is to enable Wool International to establish a register of wool-tax payers. In time, the Wool International register will be used to allocate rights to equity in a privatised Wool International and to form the basis of a share register for the privatised Wool International.

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