Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)

Schedule 5   Inoperative Acts repealed on Royal Assent

Part 2   Consequential amendments

Wool Services Privatisation Act 2000

179   Subsections 31(5) and (6)

Repeal the subsections, substitute:

Overall limit on appropriation for category A payments

(5) For category A payments, the total limit on the appropriation is the total amount of wool levy received by the Commonwealth. For this purpose, amounts received by the Commonwealth as penalties for late payment of wool levy are to be treated as amounts of wool levy.

Overall limit on appropriation for category B payments

(6) For category B payments, the total limit on the appropriation is the total amount of wool levy received by the Commonwealth. For this purpose, amounts received by the Commonwealth as penalties for late payment of wool levy are not to be treated as amounts of wool levy.