Commonwealth Numbered Regulations - Explanatory Statements

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TRADE PRACTICES AMENDMENT REGULATIONS 2000 (NO. 3) 2000 NO. 186

EXPLANATORY STATEMENT

Statutory Rules 2000 No. 186

Issued by the authority of the Minister for Financial Services and Regulation

Trade Practices Act 19 74

Trade Practices Amendment Regulations 2000 (No. 3)

Subsection 172(1) of the Trade Practices Act 1974 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters that are required or permitted by the Act to be prescribed or are necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Part VB of the Act prohibits price exploitation in relation to the New Tax System. 'New Tax System' refers to the Government's package of tax changes being implemented in conjunction with the introduction of a Goods and Services Tax and the abolition of the Wholesale Sales Tax system. Section 75AT of the Act defines a number of words and phrases used in Part VB of the Act. 'New Tax System changes' is defined to include 'any other changes (including changes to Commonwealth, State or Territory laws) prescribed by the regulations for the purposes of this definition' (paragraph 75AT(d)).

The purpose of the new Regulations is to amend the Trade Practices Regulations 1974 (the Principal Regulations) to prescribe 'New Tax System changes' to be included for the purposes of section 75AT of the Act.

The definition of 'New Tax System changes' was adopted to allow all other changes in Commonwealth, State or Territory taxes identified as part of the overall tax reform package to be incorporated into the prohibition against price exploitation in subsection 75AU(1) of the Act. These other 'New Tax System changes' prescribed include:

*       changed rates in respect of the diesel fuel rebate scheme. These changes were effected by Notice of Declared Rate in respect of Diesel Fuel Rebate Under Subsection 78A(5AAC) of the Excise Act 1901, Notice No. 1 (2000), and by Notice of Declared Rate in respect of Diesel Fuel Rebate Under Subsection 164(5AAC) of the Customs Act 1901, Notice No. 1 (2000) (Schedule 1, item 2, amended regulation 54); and

*       the removal of the Tourism Marketing Duty in the Northern Territory by the Financial Relations Agreement (Consequential Provisions) Act (NT), which received assent on 27 June 2000 (Schedule 1, item 3, new regulation 58).

The Regulations commence on gazettal.


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