Commonwealth Numbered Acts

PRIMARY INDUSTRIES AND ENERGY LEGISLATION AMENDMENT ACT (No. 2) 1992 No. 59, 1992 - SECT 18

18. After Division 2 of Part 3 of the Principal Act the following Division is
inserted:
      "Division 2A - Surplus money in Stockpile Fund
Interpretation

"24A. In this Division:
'shorn wool tax' means tax imposed on shorn wool (other than carpet wool) by a
Wool Tax Act. Determination by Minister

"24B.(1) The object of this section is to give power to the Minister to
determine whether surplus money from the Stockpile Fund should be distributed
for the benefit of persons liable to pay shorn wool tax or retained in the
Fund.

"(2) Before 1 June in every financial year, the Commission must advise the
Minister in writing whether the Commission is of the view that on 30 June
there will be money standing to the credit of the Stockpile Fund that, apart
from this Division, would not reasonably be required for:

   (a)  the prudent management of the debt repayment program; and

   (b)  the operation of the Stockpile Fund in accordance with Part 3.

"(3) If the Commission is of the view that there will be money so standing to
the credit of the Stockpile Fund, the Commission must specify in the advice
the amount of the money.

"(4) If, in a financial year, the Commission advises the Minister as provided
in subsection (3), the Minister must, on or before 30 June:

   (a)  make one, or both, of the following determinations:

        (i)    a determination that persons who are, or have been, liable
               under section 11 of the Administration Act to pay shorn wool
               tax imposed in the financial year should be entitled to receive
               a payment from the Commission;

        (ii)   a determination that persons who will become liable under
               section 11 of the Administration Act to pay shorn wool tax
               imposed during the following financial year should be entitled
               to a rebate of that tax; or

   (b)  decide not to make any determination under paragraph (a).

"(5) If the Minister makes the determination referred to in subparagraph
(4)(a)(i), the Minister must specify in the determination the rate applicable
for determining the amount to be paid to each person, being a rate expressed
as a particular percentage of the shorn wool tax paid by the person in respect
of the financial year.

"(6) If the Minister makes the determination referred to in subparagraph
(4)(a)(ii), the Minister must specify in the determination the rate (expressed
as a particular percentage of the sale value of the shorn wool on which shorn
wool tax is payable) applicable for determining the amount of rebate to which
each person is entitled.

"(7) If this Division comes into force on or after 1 June 1992:

   (a)  the Commission must, as soon as practicable after the Division is in
        force, advise the Minister in writing whether the Commission is of the
        view that on 30 June 1992 there was, or there will be, (as the case
        may be) money standing to the credit of the Stockpile Fund that, apart
        from this Division, would not reasonably be required for:

        (i)    the prudent management of the debt repayment program; and

        (ii)   the operation of the Stockpile Fund in accordance with Part 3;
               and

   (b)  if the Commission advises the Minister as provided in paragraph (a),
        the Minister must, as soon as possible, make one or both of the
        following determinations:

        (i)    a determination that persons who are, or have been, liable
               under section 11 of the Administration Act to pay shorn wool
               tax imposed in the financial year ending on 30 June 1992 should
               be entitled to receive a payment from the Commission;

        (ii)   a determination that persons who will become liable under
               section 11 of the Administration Act to pay shorn wool tax
               imposed during the financial year commencing on 1 July 1992
               should be entitled to a rebate of that tax; or decide not to
               make a determination under this paragraph; and

   (c)  if the Minister makes the determination referred to in subparagraph
        (b)(i), the determination is to be taken for the purposes of this Act
        to be a determination referred to in subparagraph (4)(a)(i) made on 30
        June 1992; and

   (d)  if the Minister makes the determination referred to in subparagraph
        (b)(ii), the determination is to be taken:

        (i)    for the purposes of this Act; and

        (ii)   for the purposes of section 12A of the Administration Act; to
               be a determination referred to in subparagraph (4)(a)(ii) made
               on 30 June 1992.

"(8) Before deciding whether to make a determination under this section, the
Minister must consult with the Wool Council, the Minister for Finance and the
Treasurer.

"(9) A determination under this section must be published inthe Gazette.

"(10) If the Minister decides not to make a determination, the Minister must
give notice of the decision in the Gazette stating the reasons in support of
the decision. Cash payments to persons who paid shorn wool tax

"24C.(1) If:

   (a)  the Minister makes in a financial year a determination referred to in
        subparagraph 24B(4)(a)(i); and

   (b)  a person proves to the satisfaction of the Commission that the person
        was liable under section 11 of the Administration Act to pay, and has
        paid, shorn wool tax imposed during the financial year; the Commission
        must pay to the person an amount equal to such percentage of the shorn
        wool tax so proved to have been paid by the person as is applicable
        under the determination.

"(2) Payments under subsection (1) are to be made within the period, and in
the manner, provided for by the regulations.

"(3) For the purposes of subsection (1), if:

   (a)  a person is liable to pay shorn wool tax under section 11 of the
        Administration Act; and

   (b)  another person pays the tax under section 12 of that Act; the tax is
        taken to have been paid by the first-mentioned person. Copy of
        registers under Administration Act to be given to Commission

"24D.(1) The Commissioner of Taxation must, as soon as practicable after the
commencement of this section, give to the Commission a copy of the registers
kept, at that commencement, under sections 13, 14, 15 and 16 of the
Administration Act.

"(2) The Commissioner of Taxation must, as soon as practicable after an
alteration is made to one of those registers, give to the Commission a copy of
the alteration. Information relating to wool tax to be given to Commission

"24E. The Commissioner of Taxation must, as soon as practicable after each
financial year, give to the Commission, from returns lodged with the
Commissioner under the Administration Act, such information as the Commission
requires in relation to:

   (a)  shorn wool (other than carpet wool) on which tax was imposed in that
        year; and

   (b)  tax payable under subsection 5(1) of a Wool Tax Act.".