Pay-Roll Tax Assessment Act 1941 (REPEALED)
In this section:
Banking Act
means the
Banking Act 1959
as amended and in force for the time being.
delivered
means delivered in accordance with section 42 of the Banking Act, and
delivery
has a corresponding meaning.
gold to which this section applies
means gold referred to in subsection (2) of section 16X.
prescribed company
and
Reserve Bank
have the same respective meanings as in section 16X.
producer
, in relation to any gold, means the person who by mining (including the working of alluvial or surface deposits) produced the minerals from which the gold was obtained.
(2)
Where a prescribed company has, at any time in a rebate year, purchased from the Reserve Bank gold to which this section applies, the company shall, for the purposes of this Act, be deemed not to have purchased it from the Reserve Bank but to have acquired it at that time from persons who were, in the financial year immediately preceding that rebate year, shareholders in the company and were producers of gold delivered in that financial year.
(3)
Where in a rebate year a company is to be deemed, by virtue of subsection (2), to have acquired gold from a person, the company shall be deemed to have acquired the gold from that person for an amount of consideration that bears to the total consideration receivable for the disposal by the company of gold actually purchased by the company from the Reserve Bank in that rebate year, being gold to which this section applies, the same proportion as the quantity of gold delivered to the Reserve Bank in the financial year immediately preceding that rebate year of which the person was the producer bears to the total quantity of gold delivered to the Reserve Bank in that financial year of which shareholders in the company were producers.
(4)
For the purposes of this section, gold shall be deemed to have been delivered at the time treated by the Reserve Bank as the time of delivery of the gold for the purpose of payment of the price fixed and published under section 44 of the Banking Act.
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