Document ID: chunk:federal_register_of_legislation:C2004A04350:body:0:p6
Version: federal_register_of_legislation:C2004A04350
Segment Type: other
Provision Reference: 
Character Range: 13799–16479

the payment of amounts payable under section 24C; or".

18. After Division 2 of Part 3 of the Principal Act the following Division is inserted:

"Division 2A—Surplus money in Stockpile Fund

Interpretation

  "24A. In this Division:

'shorn wool tax' means tax imposed on shorn wool (other than carpet wool) by a Wool Tax Act.

Determination by Minister

"24B.(1) The object of this section is to give power to the Minister to determine whether surplus money from the Stockpile Fund should be distributed for the benefit of persons liable to pay shorn wool tax or retained in the Fund.

"(2) Before 1 June in every financial year, the Commission must advise the Minister in writing whether the Commission is of the view that on 30 June there will be money standing to the credit of the Stockpile Fund that, apart from this Division, would not reasonably be required for:

  (a)     the prudent management of the debt repayment program; and

  (b)     the operation of the Stockpile Fund in accordance with Part 3.

"(3) If the Commission is of the view that there will be money so standing to the credit of the Stockpile Fund, the Commission must specify in the advice the amount of the money.

"(4) If, in a financial year, the Commission advises the Minister as provided in subsection (3), the Minister must, on or before 30 June:

  (a) make one, or both, of the following determinations:

         (i) a determination that persons who are, or have been, liable under section 11 of the Administration Act to pay shorn wool tax imposed in the financial year should be entitled to receive a payment from the Commission;

         (ii) a determination that persons who will become liable under section 11 of the Administration Act to pay shorn wool tax imposed during the following financial year should be entitled to a rebate of that tax; or

  (b) decide not to make any determination under paragraph (a).

"(5) If the Minister makes the determination referred to in subparagraph (4)(a)(i), the Minister must specify in the determination the rate applicable for determining the amount to be paid to each person, being a rate expressed as a particular percentage of the shorn wool tax paid by the person in respect of the financial year.

"(6) If the Minister makes the determination referred to in subparagraph (4)(a)(ii), the Minister must specify in the determination the rate (expressed as a particular percentage of the sale value of the shorn wool on which shorn wool tax is payable) applicable for determining the amount of rebate to which each person is entitled.

   "(7) If this Division comes into force on or after 1 June 1992:

     (a) the Commission must, as soon