Commonwealth Numbered Regulations

PRIMARY INDUSTRIES (EXCISE) LEVIES AMENDMENT REGULATIONS 2000 (NO. 6) 2000 NO. 345 - SCHEDULE 1

(regulation 3)

[1] Schedule 27, after Part 1

insert

Part 2 Wool
2.1 Imposition of levy
(1) Levy is imposed on wool produced in Australia if, on or after the commencement of this Part, the producer:

(a)

sells the wool; or

(b)

uses the wool in the production of other goods.

(2) Levy is not imposed by this Part on:

(a)

wool on which a tax imposed by a Wool Tax Act has previously been imposed or paid; or

(b)

wool on which levy under this Part has previously been imposed or paid; or

(c)

wool on which charge under Part 1 of Schedule 14 to the Customs Charges Regulations has previously been imposed or paid.

2.2 Sale value

(1)

For this Part, the sale value of wool is:

(a)

for unprocessed wool — the price paid for the wool; or

(b)

for processed wool — the amount that would have been paid for the wool if the wool had first been sold before processing.

(2)

For paragraph (1) (b), the amount that would have been paid for the wool is:

(a)

if unprocessed wool of the same quality is sold on the same day at 1 market — the market price for that wool on that day at that market; or

(b)

if unprocessed wool of the same quality is sold on the same day at more than 1 market — the market price for that wool on that day at the market that is closest to the processing establishment at which the wool was processed; or

(c)

in any other case — the value of the wool immediately before processing.

(3)

For paragraph (2) (c), the value of the wool before processing must be substantiated by the producer's financial records in accordance with:

(a)

Australian Accounting Standard 2 ( Management and Presentation of Inventories in the Context of the Historical Cost System ), issued by the Australian Accounting Research Foundation, as in force at the commencement of this Part; and

(b)

Accounting Standard AASB 1019 ( Management and Presentation of Inventories in the Context of the Historical Cost System ), issued by the Australian Accounting Standards Board, as in force at the commencement of this Part.

(4)

The sale value of wool is to be net of handling, storage and transport costs.

Note
The price or amount paid for a product is taken not to include net GST — see regulation 3A.

2.3 Rate of levy

The rate of levy imposed by this Part on wool is 3% of the sale value of the wool.

2.4 Who pays the levy

Levy imposed by this Part on wool is payable by the producer of the wool.

Note
Producer is defined for wool in clause 2.6 of Part 2 of Schedule 37 to the Collection Regulations.