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WOOL TAX AMENDMENT REGULATIONS 2000 (NO. 1) 2000 NO. 153
EXPLANATORY STATEMENTSTATUTORY RULES 2000 No. 153
Issued by the Authority of the Assistant Treasurer
Wool Tax Act (No 1) 1964
Wool Tax Act (No 2) 1964
Wool Tax Act (No 3) 1964
Wool Tax Act (No 4) 1964
Wool Tax Act (No 5) 1964
Wool Tax Amendment Regulations 2000 (No. 1)
Section 6 of each of the Wool Tax Act (No 1) 1964, Wool Tax Act (No 2) 1964 Wool Tax Act (No 3) 1964 Wool Tax Act (No 4) 1964 and Wool Tax Act (No 5) 1964 (the
Acts) provides that the Governor-General may make regulations for giving effect to the Acts.
The Regulations amend each of the Wool Tax (No. 1) Regulations, Wool Tax (No. 2)
Regulations, Wool Tax (No. 3) Regulations, Wool Tax (No. 4) Regulations and the Wool Tax (No. 5) Regulations (the Regulations) to lower the wool tax rate from 4 per cent to
3 per cent from 1 July 2000. The different Wool Tax Regulations apply to different
persons in the wool industry such as brokers, dealers, manufacturers and exporters.
The Government agreed to lower the rate for shorn wool (subsection 5(1) of the Acts) and carpet wool (subsection 5(2) of the Acts) from 4 per cent to 3 per cent from 1 July 2000. This decision followed consideration of the 1999 wool industry Future Directions Taskforce Report. The Taskforce was established in December 1998 to undertake a major inquiry into the future of the Australian wool industry.
The Government agreed to lower the wool tax rate in a staged manner to ensure the costs of transition of establishing the new entity(ies) to replace the Australian Wool Research and Promotion Organisation (AWRAP) and its subsidiary, the Woolmark Company, with private sector arrangements, are fully met. A request to further reduce the rate to 2 per cent will be made later depending on the extent of the transition costs.
The Minister for Agriculture, Fisheries and Forestry has portfolio responsibility for the wool industry and the reform process. Section 51 of the Australian Wool Research and Promotion Organisation Act 1993 (the AYWO Act) allows for recommendations to be determined by the Minister for Agriculture, Fisheries and Forestry in relation to the rate of wool tax. However, the wool tax is raised under the Acts, which are administered by the Treasurer.
The AWRPO Act as amended (Act No. 47 of 2000) allowed the Government to lower the tax rate based on the results of Wool Poll 2000, rather than having to hold a formal Wool Tax Ballot as previously required.
When the Regulations were first gazetted in 1987, they were gazetted without the, year being included in the name. The Regulations are now cited with the year 1987 included in the name for each of the 5 Regulations.
The Regulations specify that: the wool tax rate is lowered to 3 per cent; the new rate commences on 1 July 2000; the new rate applies to both shorn wool and carpet wool produced in Australia; and. the name of the Regulations to be cited with the year 1987.
Details of the amending Regulations are attached.
The Regulations commence on 1 July 2000.
ATTACHMENT
Details of the Regulations are as follows:
Regulation 1: Identifies the Regulations as the Wool Tax Amendment Regulations 2000 (No. 1 ).
Regulation 2: Provides for the Regulations to commence on 1 July 2000.
Regulation 3: Amends the Wool Tax (No. 1) Regulations. The amendments are contained in Schedule 1 of the Regulations.
Regulation 4: Amends the Wool Tax (No. 2) Regulations. The amendments are contained in Schedule 2 of the Regulations.
Regulation 5: Amends the Wool Tax (No. 3) Regulations. The amendments are contained in Schedule 3 of the Regulations.
Regulation 6: Amends the Wool Tax (No. 4) Regulations. The amendments are contained in Schedule 4 of the Regulations.
Regulation 7: Amends the Wool Tax (No. 5) Regulations. The amendments are contained in Schedule 5 of the Regulations.
Item 1
Regulation 1 provides that the Regulations are cited as the Wool Tax (No. 1) Regulations 1987 (the Regulations No 1).
Item 2
Subregulation 3(1) of the Regulations No. 1 is amended from 1 July 2000 with the new rate of wool tax of 3% for shorn wool (other than carpet wool) on which the tax is payable on the, sale value of the wool. This is a reduction of 1 % on the current rate.
Subregulation 3(2) of the Regulations No. 1 is amended from 1 July 2000 with the new rate of wool tax for carpet wool of 3% on which the tax is payable. This is a reduction of 1 % on the current rate.
Schedule 2
Item 1
Regulation 1 provides that the Regulations are cited as the Wool Tax (No. 2) Regulations 1987 (the Regulations No 2).
Item 2
Subregulation 3(1) of the Regulations No. 2 is amended from 1 July 2000 with the new rate of wool tax of 3% for shorn wool (other than carpet wool) on which the tax is
payable on the sale value of the wool. This is a reduction of 1 % on the current rate.
Subregulation 3(2) of the Regulations No. 5 is amended from 1 July 2000 with the new rate of wool tax for carpet wool of 3% on which the tax is payable. This is a reduction of 1 %on the current rate.
Schedule 3
Item 1
Regulation 1 provides that the Regulations are cited as the Wool Tax (No. 3) Regulations 1987 (the Regulations No 3).
Subregulation 3(1) of the Regulations No. 3 is amended from 1 July 2000 with the new rate of wool tax of 3% for shorn wool (other than carpet wool) on which the tax is
payable on the sale value of the wool. This is a reduction of 1 % on the current rate.
Subregulation 3(2) of the Regulations No. 3 is amended from 1 July 2000 with the new rate of wool tax for carpet wool of 3% on which the tax is payable. This is a reduction of 1 % on the current rate.
Schedule 4
Item 1
Regulation 1 provides that the Regulations are cited as the Wool Tax (No. 4) Regulations 1987 (the Regulations No 4).
Item 2
Subregulation 3(1) of the Regulations No. 4 is amended from 1 July 2000 with the new rate of wool tax of 3% for shorn wool (other than carpet wool) on which the tax is
payable on the sale value of the wool. This is a reduction of 1% on the current rate.
Subregulation 3(2) of the Regulations No. 4 is amended from 1 July 2000 with the new rate of wool tax for carpet wool of 3% on which the tax is payable. This is a reduction of 1 % on the current rate.
Schedule 5
Item 1
Regulation 1 provides that the Regulations are cited as the Wool Tax (No. 5) Regulations 1987 (the Regulations No 5).
Item 2
Subregulation 3(1) of the Regulations No. 5 is amended from 1 July 2000 with the new rate of wool tax of 3% for shorn wool (other than carpet wool) on which the tax is payable on the sale value of the wool. This is a reduction of 1% on the current rate.
Subregulation 3(2) of the Regulations No. 5 is amended from 1 July 2000 with the new rate of wool tax for carpet wool of 3% on which the tax is payable. This is a reduction of 1% on the current rate.