Document ID: chunk:federal_register_of_legislation:C2004A04184:body:0:p3
Version: federal_register_of_legislation:C2004A04184
Segment Type: other
Provision Reference: 
Character Range: 5090–7662

89a that, instead of the percentage of the sale value of shorn wool (other than carpet wool) subject to tax recommended by the annual general meeting, another percentage of that sale value was used in computing the rates of tax applicable in respect of shorn wool (other than carpet wool) under the Wool Tax Acts in respect of that financial year—that other percentage.

"(2) Where all the tax imposed by the Wool Tax Acts in a financial year on particular carpet wool has been received by the Commonwealth, there is payable to the R & D Corporation in respect of the wool industry an amount equal to such percentage of the sale value of that carpet wool as is applicable having regard to:

     (a)     if paragraph (b) does not apply—the percentage of the sale value of carpet wool subject to tax specified in the recommendation made by the last annual general meeting of the Corporation in respect of that financial year; or

     (b)     if the Minister has notified the Corporation under section 89a that, instead of the percentage of the sale value of carpet wool subject to tax recommended by the annual general meeting, another percentage of that sale value was used in computing the rates of tax applicable in respect of carpet wool under the Wool Tax Acts in respect of that financial year—that other percentage.

"(3) In spite of subsections (1) and (2), where all the tax imposed by the Wool Tax Acts in the financial year commencing on 1 July 1991:

   (a)     on particular shorn wool (other than carpet wool); or

   (b)     on particular carpet wool;

has been received by the Commonwealth, there is payable to the R & D Corporation in respect of the wool industry an amount equal to such percentage of the sale value of that shorn wool (other than carpet wool) or of that carpet wool (as the case may be) as is applicable under the regulations.

"(4) There are also payable to the R & D Corporation in respect of the wool industry amounts equal to half of the amounts required to be spent by the Corporation under section 33 (other than paragraph 33 (1) (d)).

 "(5) Amounts payable under this section are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.".

8. Section 56 of the Principal Act is repealed and the following section is substituted:

Application of Division

"56. (1) This Division applies to the R & D Corporation in respect of the wool industry.

"(2) This Division applies also to an R & D Corporation other than the R & D Corporation in respect of the wool industry if:

  (a)     a levy is attached to