Commonwealth Numbered Regulations - Explanatory Statements

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WOOL TAX (ADMINISTRATION) REGULATIONS (AMENDMENT) 1994 NO. 45

EXPLANATORY STATEMENT

STATUTORY RULES 1994 No. 45

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

WOOL TAX (ADMINISTRATION) ACT 1964

WOOL TAX (ADMINISTRATION) REGULATIONS (AMENDMENT)

The Wool Tax (Administration) Act 1964 (the Act) provides for the Governor-General to make regulations for the purpose of prescribing all matters required or permitted by this Act to be prescribed.

The Act provides for the administration of the wool tax imposed by the relevant wool taxing Acts (Wool Tax Acts (No. 1 to 5) 1964). In so doing it defines liability to taxation, sets out the requirements for both the registration of those persons remitting tax and for appraisement of wool, provides for the issue of certificates for payment or exemption of tax, sets out the information required to accompany tax remittances, details arrangements for the collection and recovery of tax, provides for review and appeal of decisions and sets penalties.

The purpose of the proposed regulations is to set out the particulars of additional information which is now required to be provided to the Commissioner for Taxation under the Act. The additional information relates to individual transactions of wool which have resulted in wool tax becoming payable and being paid.

The need for this additional information, which is to be provided to Wool International, is to enable Wool International to establish a register of wool-tax payers. In time, the Wool International Register will be used to allocate rights to equity in a privatised Wool International and to form the basis of a share register for the privatised Wool International.

The new regulations set out the particulars an intermediary (a wool broker, wool-dealer, manufacturer or exporter) must provide to the Commissioner of Taxation as far as the intermediary is able to ascertain. This includes the full name and address of themselves as intermediary, of the wool-tax payer on whose behalf the intermediary remits wool tax, the gross value of taxable wool and taxable carpet wool sold by the wool-tax payer, the tax remitted by the intermediary and the month and year in which the sale was concluded or the tax became liable. The new regulations provide for a penalty of up to 5 penalty units to be applied where returns from intermediaries are not accompanied by the required particulars and where intermediaries knowingly or recklessly provide false particulars. The new regulations provide lastly for the required particulars to be given to the Commissioner of Taxation in writing or in an electronic form acceptable to the Commissioner.


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