Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 5 - technical amendment
Outline of chapter
5.1 Schedule 4 to this bill makes an amendment to the A New Tax System (Wine Equalisation Tax) Act 1999 (WET Act) to correct a technical error in a provision of the WET Act that refers to particular defined basic terms used in the Act.
5.2 This amendment removes a term 'price' from the table of basic terms that are not referenced by an asterisk to the dictionary in the WET Act. [Schedule 4, item 1]
Context of amendments
5.3 A provision in the WET Act contains a table of basic terms that are defined in, but not specifically referenced to (by an asterisk), the dictionary in the WET Act. The table includes the term 'price'.
5.4 However, the term 'price' appears throughout the WET Act with an asterisk that cross-references the term to its definition in the dictionary.
Summary of new law
5.5 The item in the table that includes 'price' as a basic term not identified with an asterisk (referencing it to the dictionary) is repealed. [Schedule 4, item 1]
| New law | Current law |
|---|---|
| 'Price' is removed as a table item classified as a basic term not asterisked. | 'Price' is a table item classified as a basic term not asterisked. |
Detailed explanation of new law
5.6 This amendment is a technical correction affecting subsection 3-5(3) of the WET Act.
5.7 This amendment removes item 4 'price' from the table in subsection 3-5(3) with the effect that 'price' is not classified by the provision as a basic term used in the WET Act that is not identified with an asterisk. [Schedule 4, item 1]
5.8 This amendment reflects the actual identification of the term 'price' with an asterisk in provisions throughout the WET Act and corrects the technical error in classification of 'price' in subsection 3-5(3).
Application and transitional provisions
5.9 Schedule 4 commences on the date this bill receives Royal Assent.