Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]


AUSTRALIAN WOOL REALISATION COMMISSION REGULATIONS 1991 NO. 216

EXPLANATORY STATEMENT

STATUTORY RULES 1991 No. 216

Issued by the authority of the Minister of State for Primary Industries and Energy.

AUSTRALIAN WOOL REALISATION COMMISSION ACT 1991

AUSTRALIAN WOOL REALISATION COMMISSION REGULATIONS

Section 74 of the Australian Wool Realisation Commission Act 1991 empowers the Governor-General to make regulations for the purposes of the Act.

Subsections 25(2), 39(6) and 82(2) of the Act concern, respectively, the amount of the wool tax which has been collected and which is payable to the Australian Wool Realisation Commission (Commission); the wool industry organisations whose members are not eligible for appointment as a member of the Commission; and regulations relating to the payment of any refunds of wool tax not paid before 1 July 1991 for any previously declared refund period under section 51 of the Wool Marketing Act 1987.

The regulation concerning wool tax provides that where the wool tax imposed by the Wool Tax Acts (Nos 1-5) 1964 on shorn wool (other than carpet wool) has been received by the Commonwealth, then an amount equal to 9% of the sale value of that wool is payable by the Commonwealth to the Commission in the 1991/92 financial year.

The regulation concerning Commission membership prescribes those wool industry organisations whose members are not eligible under subsection 39(6) of the Act for appointment as a member of the Commission.

The transitional regulation concerns matters relating to eligibility for, and payment of, refunds of wool tax for refund periods which have been declared under section 51 of the Wool Marketing Act 1987. The specified Wool Marketing Regulations continue to apply after 1 July 1991 for any refunds which might have been due, but not paid, before that date. References in those regulations to the then Australian Wool Corporation are taken to be references to the Commission.


[Index] [Related Items] [Search] [Download] [Help]