Document ID: chunk:federal_register_of_legislation:C2004A05038:schedule:1:p3
Version: federal_register_of_legislation:C2004A05038
Segment Type: schedule
Provision Reference: sch 1 (pt 3/5)
Character Range: 7523–10296

any instrument of approval before 1 July 1997; or

        (b) that the Minister has given an instrument of approval before 1 July 1997 but that instrument, or each such instrument, is subsequently disallowed in either House of the Parliament;

     the Governor-General may, by Proclamation, declare that subsection (3) ceased to have effect:

        (c) in a case to which paragraph (a) applies—on 1 July 1997; and

        (d) in a case to which paragraph (b) applies—on the day on which the instrument referred to in that paragraph was disallowed in a House of the Parliament or, if there was more than one such instrument, on the day on which the last of the instruments to be disallowed was so disallowed;

     and, where such a Proclamation is made, subsection (3) and section 49A are taken to have ceased to have effect on that day.

     (7) The Minister's approval mentioned in subsection (2) may be subject to any condition that the Minister thinks appropriate.

2 Subsection 43(2)

   Repeal the subsection, substitute:

      (2) After the Commonwealth receives the full amount of tax imposed by any of the Wool Tax Acts in a financial year on a particular sale, purchase, export or processing of shorn wool (other than carpet wool), the Commonwealth must pay to Wool International an amount equal to the prescribed percentage of the sale value of that wool.

     (3) For the purpose of the Wool Tax Acts, the percentage that applies to a particular financial year under subsection (2) of this section is taken to have been fixed by subsection (2) of this section.

   (2) In this section:

     prescribed percentage, in relation to an amount of wool tax, means:

        (a) 4.5%; or

        (b) if a lower percentage (which may be 0%) is prescribed by the regulations for the financial year in which the tax is imposed—that percentage.

3 Section 45

   Repeal the section.

4 Section 46

   Omit "43, 44 or 45", substitute "43 or 44".

5 Section 49

   Omit "Money", substitute "Subject to section 49A, money".

6 After section 49

   Insert:

49A Expenditure of Wool International money on wool trading subsidiaries

      Wool International may, when expending money (in accordance with section 49):

        (a) in the exercise of its powers under subsection 9(3); or

        (b) in relation to a company referred to in subsection 9(3);

      use only the income specified in subsection 51(1) or income derived from it.

7 Section 52

   Omit "43,44 and 45", substitute "43 and 44".

   Note: The heading to section 52 is altered by omitting "43, 44 and 45" and substituting "43 and 44".

8 Subsection 64(2)

   Repeal the subsection, substitute:

     (2) The purpose of a wool tax record is to inform the recipient of the amounts paid to the