Contents

Part 1--Preliminary                                                                                                                1

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

2............ Commencement [see Note 1] .............................................................. 1

3............ Schedule(s) .......................................................................................... 1

4............ Crown to be bound ............................................................................. 1

5............ External Territories ............................................................................. 1

6............ Extraterritorial operation .................................................................... 1

Part 2--Privatisation of the Organisation (HoldCo)                                            2

Division 1--Interpretation                                                                                          2

7............ Definitions .......................................................................................... 2

Division 2--Application for registration under the Corporations Law   4

8............ Application for registration ................................................................ 4

Division 3--Transfer of assets etc. before the conversion time            5

9............ Declaration can only be made before conversion time ........................ 5

10.......... Transfer of assets ............................................................................... 5

11.......... Transfer of contractual rights and obligations .................................... 5

12.......... Transfer of liabilities ........................................................................... 7

13.......... Registration of land transfers .............................................................. 7

14.......... Certificates in relation to assets other than land ................................. 8

15.......... Other transfer methods still available ................................................. 9

Division 4--Registration of HoldCo as a Corporations Law company    10

16.......... Registration as a company under the Corporations Law ................. 10

17.......... Share capital ...................................................................................... 10

18.......... Operation of the Corporations Act after conversion time ............... 10

19.......... Accounting records ........................................................................... 10

Division 5--Shares in HoldCo                                                                                12

20.......... List of Eligible Woolgrowers ............................................................ 12

21.......... Issue of shares to eligible woolgrowers ............................................ 12

22.......... Incorrectly issued shares .................................................................. 13

23.......... Cancellation of shares in HoldCo ..................................................... 13

Division 6--Taxation                                                                                                   14

24.......... Exemption from stamp duty etc. ...................................................... 14

25.......... Share capital ...................................................................................... 15

26.......... No assessable income from issue of HoldCo shares ......................... 15

27.......... No assessable income to arise from transfers between restructuring bodies            15

28.......... Certified demerger matters not to result in CGT event or assessable income          16

29.......... CGT cost base for share acquisitions ............................................... 16

Division 7--Commonwealth funding for research body                            18

30.......... Declaration of research body ............................................................ 18

31.......... Funding contract with research body ............................................... 18

32.......... Setting the rate of wool levy ............................................................. 20

Division 8--Miscellaneous                                                                                       22

33.......... HoldCo not to be a Commonwealth authority etc. .......................... 22

34.......... Operation of Archives Act ............................................................... 22

35.......... Compensation for acquisition of property ....................................... 22

36.......... Certification by Minister that matters relate to restructuring .......... 23

37.......... Certificates, declarations etc. taken to be authentic etc. ................... 23

38.......... Delegation ......................................................................................... 23

39.......... Regulations ....................................................................................... 24

Schedule 1--Amendments and repeals                                                                     25

Part 1--Amendments and repeals                                                                             25

Part 2--Transitional and savings                                                                                26

Notes                                                                                                                                             27

 

 

  

Notes to the Wool Services Privatisation Act 2000

Note 1

The Wool Services Privatisation Act 2000 as shown in this compilation comprises Act No. 145 of 2000 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.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Wool Services Privatisation Act 2000	145, 2000	7 Dec 2000	Schedule 1: 1 Jan 2001 (see Gazette 2000, No. S638) Remainder: Royal Assent
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 569, 570): 15 July 2001 (see Gazette 2001, No. S285) (a)	Ss. 4-14 [see Note 1]
New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002	117, 2002	2 Dec 2002	Schedule 14: (b)	--
Agriculture, Fisheries and Forestry Legislation Amendment Act (No. 1) 2004	54, 2004	27 Apr 2004	Schedule 3 (item 2): Royal Assent	--
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 5 (items 177-179) and Schedule 6 (items 5-11): Royal Assent	Sch. 6 (items 5-11)

(a)     The Wool Services Privatisation Act 2000 was amended by Schedule 3 (items 569, 570) 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.

(b)    Subsection 2(1) (item9) of the New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 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
9.  Schedules 6 to 15	Immediately after the commencement of Schedule 1 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002	24 October 2002

Table of Amendments

ad. = added or inserted     am. = amended       rep. = repealed      rs. = repealed and substituted
Provision affected	How affected
S. 7....................................	am. No. 101, 2006
Heading to s. 18.................	am. No. 55, 2001
S. 19..................................	am. No. 55, 2001
Note to s. 27(2)..................	am. No. 117, 2002
S. 30..................................	am. No. 55, 2001
S. 31..................................	am. No. 54, 2004; No. 101, 2006

Table A

Application, saving or transitional provisions

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.