Wool Tax (Administration) Act 1964 (REPEALED)

Part III - Liability to tax  

SECTION 10 (Repealed by 101 of 2006)   Sale value  

(1)    
For the purposes of this Act, the sale value of any shorn wool is an amount equal to:

(a) in the case of wool sold by a wool-broker - the price for which the wool is sold;

(b) in the case of wool purchased by a wool-dealer from a person other than a wool-broker:

(i) if the contract of sale provides an inclusive price for the sale of the wool and its delivery to a port at or from which the dealer usually sells or exports wool - that price; or

(ii) in any other case - the sum of the price for which the wool is purchased and the cost of transporting the wool from the place where the wool is at the time of the purchase to the nearest port from which wool is usually exported;

(c) in the case of wool purchased by a manufacturer from a person other than a wool-broker or a wool-dealer:

(i) if the contract of sale provides an inclusive price for the sale of the wool and its delivery to a place at which the purchaser carries on manufacture - that price; or

(ii) in any other case - the sum of the price for which the wool is purchased and the cost of transporting the wool from the place where the wool is at the time of the purchase to the nearest place at which the purchaser carries on manufacture;

(d) in the case of wool (not being wool purchased by the manufacturer) subjected by a manufacturer to a process of manufacture - the amount stated in the certificate of appraisement of the wool as the value of the wool at the date of appraisement, or, where the wool has not been appraised:

(i) if the processing of the wool without appraisement was in pursuance of an arrangement with the Commissioner - an amount ascertained in accordance with the terms of the arrangement; or

(ii) in any other case - the amount that the Commissioner determines to have been the value of the wool at the date of the processing; and

(e) in the case of wool exported - the amount stated in the certificate of appraisement of the wool as the value of the wool at the date of appraisement, or, where the wool has not been appraised:

(i) if the export of the wool without appraisement was in pursuance of an arrangement with the Commissioner - an amount ascertained in accordance with the terms of the arrangement; or

(ii) in any other case - the amount that the Commissioner determines to have been the value of the wool at the date of export.

(2)    
For the purposes of this section, the cost of transporting wool from one place to another place means the amount that it would cost the owner of the wool to have the wool transported from the first-mentioned place to the second-mentioned place and includes the amount that it would cost the owner:

(a) to have the wool loaded on to, or unloaded from, any means of transport for the purpose of being transported between those places and to have the wool placed in a wool store after it has been transported; and

(b) to have the wool insured against the usual risks while it is being so loaded, transported, unloaded and placed in a wool store.

(3)    
Where the Commissioner is not satisfied that the price paid or payable for any shorn wool (otherwise than in pursuance of a sale by auction) is fair and reasonable, he may determine the amount that, in his opinion, is a fair and reasonable price for the purchase, and the amount so determined shall, for the purposes of this Act, be deemed to be the price for which the wool was purchased.

(4)    
As soon as practicable after a determination has been made in pursuance of this section, the Commissioner shall cause notice in writing of the determination to be served on the person liable to pay tax in respect of the wool to which the determination relates.

(5)    
Despite section 177-12 of the A New Tax System (Goods and Services Tax) Act 1999 , a reference in subsection (1) to the price of the supply of wool is taken not to include the net GST that is, or would be, payable by an entity making the supply.

(6)    
Expressions used in subsection (5) have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .