Contents

Part 1--Preliminary                                                                                                              1

1............ Short title [see Note 1] ........................................................................ 1

3............ Objects ................................................................................................ 1

4............ Definitions .......................................................................................... 1

Part 4A--Entitlement to share in money of Wool International               3

22A....... Object of Part ...................................................................................... 3

22B....... Register of persons entitled to share in surplus money of WoolStock Australia Limited          3

22F........ Right of registered equity holder to share in surplus money of WoolStock Australia Limited 3

22G....... Share of distribution ............................................................................ 3

22H....... Transfer of units .................................................................................. 4

22I......... Death etc. of unit holder ...................................................................... 5

22J........ Charge on unit of equity ...................................................................... 6

22KA.... Registered equity holders--status as members of WoolStock Australia Limited      6

22KB..... Nature of claims of registered equity holders ...................................... 6

22L........ Access to register ................................................................................ 6

22M...... Certificate ............................................................................................ 7

22MA... Unclaimed units of equity ................................................................... 7

Part 4B--Distribution of surplus money of WoolStock Australia Limited among registered equity holders                                                                                                                        8

22N....... Object of Part ...................................................................................... 8

22P........ Distribution of surplus money by WoolStock Australia Limited ........ 8

22R....... How money is to be distributed .......................................................... 9

22S........ Particulars to be notified to registered equity holders etc. .................... 9

Part 4C--Units of equity held by TrusteeCo                                                       10

22T........ Object of Part .................................................................................... 10

22U....... Dealings by TrusteeCo with units of equity held in respect of putative equity holders              10

22V....... Dealings by TrusteeCo with unclaimed units .................................... 11

Part 4D--Distribution of money paid to TrusteeCo                                       12

22W...... Object of Part .................................................................................... 12

22X....... Money to be held on trust ................................................................. 12

22Y....... Money to be invested ........................................................................ 12

22Z........ To whom money must be paid .......................................................... 12

22ZA..... Balance of money to be paid to WoolStock Australia Limited .......... 13

Part 9--Miscellaneous                                                                                                        14

59.......... Delegation ......................................................................................... 14

72.......... Regulations ....................................................................................... 14

Notes                                                                                                                                              15

  

Notes to the Wool International Act 1993

Note 1

The Wool International Act 1993 as shown in this compilation comprises Act No. 64, 1993 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

All relevant information pertaining to application, saving or transitional provisions prior to 30 June 1997 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Wool International Act 1993	64, 1993	12 Nov 1993	Ss. 1 and 2: Royal Assent Ss. 3-6 and Parts 2-9 (ss. 7-72): 1 Dec 1993 (see Gazette 1993, No. GN46) Remainder: (a)
Primary Industries and Energy Legislation Amendment Act (No. 2) 1995	133, 1995	14 Nov 1995	Schedule 2: Royal Assent (b)	--
Primary Industries and Energy Legislation Amendment Act (No. 1) 1996	18, 1996	28 June 1996	Schedule 6: Royal Assent (c)	Sch. 6 (items 10-14)
Wool International Amendment Act 1996	62, 1996	27 Nov 1996	1 Jan 1997	--
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	1 July 1997	--
Wool International Amendment Act 1997	108, 1997	30 June 1997	Schedule 1 (Part 2): 1 Jan 1998 Remainder: 1 July 1997	Sch. 1 (item 19) [see Table A]
Audit (Transitional and Miscellaneous) Amendment Act 1997	152, 1997	24 Oct 1997	Schedule 2 (items 1295-1310): 1 Jan 1998 (see Gazette 1997, No. GN49) (d)	--
as amended by
Statute Law Revision Act 2002	63, 2002	3 July 2002	Schedule 2 (item 1): (da)	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (item 197): 1 July 1998 ( see Gazette 1998, No. S316) (e)	--
Wool International Amendment Act 1998	124, 1998	21 Dec 1998	21 Dec 1998	--
Wool International Privatisation Act 1999	40, 1999	3 June 1999	Schedule 2: 1 July 1999 (see Gazette 1999, No. S250) Remainder: Royal Assent	--
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 563-566): 15 July 2001 (see Gazette 2001, No. S285) (f)	Ss. 4-14 [see Note 1]
Wool International Amendment Act 2001	113, 2001	18 Sept 2001	18 Sept 2001	--
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 5 (items 169-176) and Schedule 6 (items 5-11): Royal Assent	Sch. 6 (items 5-11) [see Table A]
Personal Property Securities (Consequential Amendments) Act 2009	131, 2009	14 Dec 2009	Schedule 5 (items 37-50): 30 Jan 2012 (see F2011L02397)	Sch. 5 (item 50) [see Table A]

(a)     Parts 10-12 (ss. 73-87) of the Wool International Act 1993 were repealed by Schedule 1 (item 26) of the Wool International Amendment Act 1997 before a date was fixed for the commencement.

(b)     The Wool International Act 1993 was amended by Schedule 2 only of the Primary Industries and Energy Legislation Amendment Act (No. 2) 1995, subsection 2(1) of which provides as follows:

                 (1)   Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(c)     The Wool International Act 1993 was amended by Schedule 6 only of the Primary Industries and Energy Legislation Amendment Act (No. 1) 1996, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(d)     The Wool International Act 1993 was amended by Schedule 2 (items 1295-1310) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

                 (2)   Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.

(da)   The Audit (Transitional and Miscellaneous) Amendment Act 1997 was amended by Schedule 2 (item 1) only of the Statute Law Revision Act 2002, subsection 2(1) (item 30) of which provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
30.  Schedule 2, item 1	Immediately after the time specified in the Audit (Transitional and Miscellaneous) Amendment Act 1997 for the commencement of items 1306 to 1310 of Schedule 2 to that Act	1 January 1998

(e)     The Wool International Act 1993 was amended by Schedule 1 (item 197) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

                 (2)   Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(f)      The Wool International Act 1993 was amended by Schedule 3 (items 563-566) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
Title.....................................	rs. No. 40, 1999
	am. No. 101, 2006
S. 2......................................	am. No. 108, 1997
	rep. No. 40, 1999
Heading to s. 3..................	am. No. 108, 1997
S. 3......................................	am. No. 62, 1996; No. 108, 1997; No. 124, 1998
	rs. No. 40, 1999
	am. No. 101, 2006
S. 4......................................	am. No. 108, 1997
	rs. No. 40, 1999
	am. No. 101, 2006
S. 5......................................	rep. No. 40, 1999
S. 5A...................................	ad. No. 108, 1997
	rep. No. 40, 1999
S. 6......................................	rep. No. 40, 1999
Part 2 .................................	rep. No. 40, 1999
S. 7......................................	rep. No. 40, 1999
Note to s. 7(2)....................	ad. No. 152, 1997
	rep. No. 40, 1999
S. 8......................................	am. No. 62, 1996; No. 108, 1997
	rep. No. 40, 1999
S. 9......................................	am. No. 18, 1996; No. 108, 1997
	rep. No. 40, 1999
Ss. 10, 11............................	rep. No. 40, 1999
Part 3 .................................	rep. No. 40, 1999
Ss. 12-17............................	rep. No. 40, 1999
Part 4 .................................	rep. No. 40, 1999
S. 18....................................	am. No. 62, 1996; No. 124, 1998; No. 40, 1999
	rep. No. 40, 1999
S. 19....................................	rep. No. 62, 1996
S. 20....................................	rs. No. 62, 1996
	am. No. 124, 1998
	rep. No. 40, 1999
S. 20A.................................	ad. No. 124, 1998
	rep. No. 40, 1999
S. 21....................................	am. No. 62, 1996
	rep. No. 40, 1999
S. 22....................................	am. No. 62, 1996; No. 124, 1998
	rep. No. 40, 1999
Part 4A
Part 4A ...............................	ad. No. 108, 1997
S. 22A.................................	ad. No. 108, 1997
	am. No. 40, 1999
Heading to s. 22B..............	am. No. 40, 1999
S. 22B.................................	ad. No. 108, 1997
	am. No. 40, 1999
Ss. 22C-22E.......................	ad. No. 108, 1997
	rep. No. 40, 1999
Heading to s. 22F..............	am. No. 40, 1999
S. 22F.................................	ad. No. 108, 1997
	am. No. 40, 1999
S. 22G.................................	ad. No. 108, 1997
	rs. No. 40, 1999
Ss. 22H, 22I........................	ad. No. 108, 1997
	am. No. 40, 1999
S. 22J..................................	ad. No. 108, 1997
	am. No. 40, 1999; No. 131, 2009
Notes 1, 2 to s. 22J............	ad. No. 131, 2009
S. 22K.................................	ad. No. 108, 1997
	am. No. 40, 1999
	rep. No. 131, 2009
Note to s. 22K....................	am. No. 40, 1999; No. 55, 2001
	rep. No. 131, 2009
Ss. 22KA, 22KB..................	ad. No. 40, 1999
	am. No. 55, 2001
S. 22L..................................	ad. No. 108, 1997
	am. No. 40, 1999; No. 131, 2009
S. 22M.................................	ad. No. 108, 1997
	am. No. 40, 1999
S. 22MA..............................	ad. No. 40, 1999
	am. No. 55, 2001
Part 4B
Heading to Part 4B............	rs. No. 40, 1999
Part 4B ...............................	ad. No. 108, 1997
S. 22N ................................	ad. No. 108, 1997
	am. No. 40, 1999
S. 22O ................................	ad. No. 108, 1997
	rep. No. 40, 1999
S. 22P.................................	ad. No. 108, 1997
	rs. No. 40, 1999
	am. No. 113, 2001
S. 22Q.................................	ad. No. 108, 1997
	rep. No. 40, 1999
S. 22R.................................	ad. No. 108, 1997
	am. No. 40, 1999; No. 131, 2009
Note to s. 22R(2)...............	rep. No. 131, 2009
S. 22S.................................	ad. No. 108, 1997
	am. No. 40, 1999; No. 131, 2009
Part 4C
Heading to Part 4C............	rs. No. 40, 1999
Part 4C ...............................	ad. No. 108, 1997
Ss. 22T-22V.......................	ad. No. 108, 1997
	rs. No. 40, 1999
Part 4D
Heading to Part 4D............	rs. No. 40, 1999
Part 4D ...............................	ad. No. 108, 1997
Ss. 22W-22Y......................	ad. No. 108, 1997
	am. No. 40, 1999
Ss. 22Z, 22ZA.....................	ad. No. 108, 1997
	rs. No. 40, 1999
Part 4E ...............................	ad. No. 108, 1997 rep. No. 40, 1999
Ss. 22ZB-22ZF..................	ad. No. 108, 1997
	rep. No. 40, 1999
S. 22ZG .............................	ad. No. 124, 1998
	am. No. 40, 1999
	rep. No. 40, 1999
Part 5 .................................	rep. No. 40, 1999
S. 23....................................	am. No. 108, 1997
	rep. No. 40, 1999
S. 24....................................	rep. No. 40, 1999
S. 25....................................	rs. No. 152, 1997
	rep. No. 40, 1999
Ss. 26, 27............................	rep. No. 40, 1999
S. 28....................................	am. No. 152, 1997
	rep. No. 40, 1999
S. 29....................................	am. No. 108, 1997
	rep. No. 40, 1999
Ss. 30-35............................	rep. No. 40, 1999
Part 6 .................................	rep. No. 40, 1999
S. 36....................................	am. No. 152, 1997
	rep. No. 40, 1999
Ss. 37-42............................	rep. No. 40, 1999
Part 7
Heading to s. 43................	am. No. 40, 1999
	rep. No. 101, 2006
S. 43....................................	am. No. 18, 1996; No. 40, 1999
	rep. No. 101, 2006
S. 44....................................	am. No. 40, 1999
	rep. No. 101, 2006
S. 45....................................	rep. No. 18, 1996
S. 46....................................	am. No. 18, 1996; No. 40, 1999
	rep. No. 101, 2006
Ss. 47, 48............................	rep. No. 40, 1999
S. 49....................................	am. No. 18, 1996; Nos. 108 and 152, 1997
	rep. No. 40, 1999
S. 49A.................................	ad. No. 18, 1996
	rep. No. 108, 1997
S. 50....................................	am. No. 152, 1997
	rep. No. 40, 1999
S. 51....................................	rep. No. 108, 1997
Heading to s. 52 ...............	am. No. 18, 1996
	rep. No. 101, 2006
S. 52....................................	am. No. 18, 1996
	rs. No. 40, 1999
	rep. No. 101, 2006
Ss. 53, 54............................	rep. No. 40, 1999
S. 55....................................	am. No. 152, 1997
	rep. No. 40, 1999
S. 56....................................	rep. No. 152, 1997
Part 8 .................................	rep. No. 152, 1997
S. 57....................................	rep. No. 152, 1997
S. 58....................................	rep. No. 40, 1999
Part 9
S. 59....................................	am. No. 40, 1999
Ss. 60-63............................	rep. No. 40, 1999
S. 64....................................	am. No. 133, 1995; No. 18, 1996
	rep. No. 40, 1999
S. 65....................................	rep. No. 40, 1999
S. 66....................................	am. No. 133, 1995; No. 40, 1999
	rep. No. 40, 1999
S. 66A.................................	ad. No. 133, 1995
	rep. No. 40, 1999
S. 67....................................	rs. No. 152, 1997
	rep. No. 40, 1999
S. 68....................................	rep. No. 108, 1997
S. 69....................................	am. No. 18, 1996
	rep. No. 108, 1997
Ss. 70, 71............................	rep. No. 108, 1997
Ss. 73, 74............................	ad. No. 108, 1997
	rep. No. 40, 1999
Part 10 ...............................	rep. No. 108, 1997
Ss. 73-76............................	rep. No. 108, 1997
Part 11 ...............................	rep. No.108, 1997
Ss. 77, 78............................	rep. No. 108, 1997
Part 12 ...............................	rep. No. 108, 1997
Ss. 79-87............................	rep. No. 108, 1997

Table A

Application, saving or transitional provisions

Wool International Amendment Act 1997 (No. 108, 1997)

Schedule 1

19  Transitional

             (1)  A person who, immediately before the commencement of this Part, was a member of Wool International referred to in paragraph 23(1)(d) of the Wool International Act 1993 as then in force:

                     (a)  ceases, on the commencement of this Part, to be a member of Wool International; but

                     (b)  is eligible for re-appointment.

             (2)  Despite subsection 23(4) of the Wool International Act 1993, the 2 members referred to in paragraph 23(1)(d) of that Act who are first appointed after the commencement of this Part are not to be persons nominated by a selection committee constituted under that Act. In appointing them, the Minister must, however, consult with the members of Wool International referred to in paragraphs 23(1)(a), (b) and (c) of that Act.

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006
(No. 101, 2006)

Schedule 6

5  Application of Schedule 5 amendments

The repeals and amendments made by Schedule 5 apply to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.

6  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

7  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998-99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.

                   Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998-99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.

                   The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998-99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.

                   Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.

                   Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.

Example 2: During the 1997-98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.

                   Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.

                   Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.

8  Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

9  Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty

If:

                     (a)  a provision or part of a provision that is repealed or amended by this Act provides for the payment of:

                              (i)  general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or

                             (ii)  interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and

                     (b)  in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;

then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.

10  Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.

11  Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901

This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.

Personal Property Securities (Consequential Amendments) Act 2009
(No. 131, 2009)

Schedule 5

50  Application of amendments of the Wool International Act 1993

(1)       This item applies if immediately before the time item 42 of this Schedule commences, WoolStock Australia Limited had not complied with a request made by a person under paragraph 22L(b) of the Wool International Act 1993.

Note:       Item 42 commences at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009.

(2)       The requirement to comply with the request stops applying after the time item 42 of this Schedule commences.