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Bank Notes Tax Act 1910
The ''Bank Notes Tax Act 1910'' was an Act of the Parliament of Australia which imposed a prohibitive tax on banknotes issued by banks in Australia. The Act was enacted in October 1910 by the Fisher Labour Government under Section 51 (xii) of the Constitution of Australia that gives the Commonwealth Parliament the power to legislate with respect to “currency, coinage, and legal tender” and the taxing power. The Act imposed an annual tax of 10% on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act and not redeemed." The tax commenced in March 1911. In September 1910, the federal government had passed the ''Australian Notes Act 1910'' which introduced an Australian national currency, the Australian pound, and, as part of the scheme, the objective of the ''Bank Notes Tax Act'' was to end the use of private currency in Australia, which it had achieved. Subsequent events The ''Bank Notes Tax Act'' was repealed by the ''Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislature, legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the Governor-General of Australia, governor-general), the Australian Senate, Senate and the Australian House of Representatives, House of Representatives.Constitution of Australia, Section 1 of the Constitution of Australia, section 1. The combination of two elected chambers, in which the members of the Senate represent the States and territories of Australia, states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a Fusion of powers, fused executive, drawn from the Westminster system.. The upper house, the Senate, consists of 76 members: twelve for each state, and two each for the territories, Northern Terr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Repealed Acts Of The Parliament Of Australia
A repeal (O.F. ''rapel'', modern ''rappel'', from ''rapeler'', ''rappeler'', revoke, ''re'' and ''appeler'', appeal) is the removal or reversal of a law. There are two basic types of repeal; a repeal with a re-enactment is used to replace the law with an updated, amended, or otherwise related law, or a repeal without replacement so as to abolish its provisions altogether. Removal of secondary legislation is normally referred to as revocation rather than repeal in the United Kingdom and Ireland. Under the common law of England and Wales, the effect of repealing a statute was "to obliterate it completely from the records of Parliament as though it had never been passed." This, however, is now subject to savings provisions within the Interpretation Act 1978. In parliamentary procedure, the motion to rescind, repeal, or annul is used to cancel or countermand an action or order previously adopted by the assembly. Partial or full repeals A partial repeal occurs when a specified part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currencies Of Australia
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Dollar
The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia.''Reserve Bank Act 1959'', s.36(1) an ''Currency Act 1965'', s.16 Within Australia, it is almost always abbreviated with the ($), with A$ or AU$ sometimes used to distinguish it from other |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Currency
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States (18 U.S. Code § 486). Digital cryptocurrency is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries (mainly in West Asia and North Africa). Today, there are over four thousand privately issued currencies in more than 35 countries. These include commercial trade exchanges that use barter credits as units of exchange, private gold and silver exchanges, local paper money, computerized systems of credits and debits, and digital currencies in circulation, such as digital gold currency. Private bank notes In the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Section 51(xii) Of The Australian Constitution
Section 51 (xii): is a subsection of Section 51 of the Constitution of Australia, that gives the Commonwealth Parliament the right to legislate with respect to “currency, coinage, and legal tender.” Generally, powers in section 51 of the Constitution of Australia can also be legislated on by the states, although Commonwealth law will prevail in cases of inconsistency. However, the currency power must be read in conjunction with other parts of the Constitution of Australia. Section 115 of the Constitution establishes “a state shall not coin money, nor make anything but gold or silver coin a legal tender in the payment of debts”. This section effectively makes the concurrent power in section 51(xii) exclusive to the Commonwealth. Despite this, coins of the Australian pound were not introduced until 1910, following the enactment of the ''Coinage Act 1909''. The federal government did not issue banknotes until 1913, following the passage of the ''Australian Notes Act 1910' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Currency
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States (18 U.S. Code § 486). Digital cryptocurrency is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries (mainly in West Asia and North Africa). Today, there are over four thousand privately issued currencies in more than 35 countries. These include commercial trade exchanges that use barter credits as units of exchange, private gold and silver exchanges, local paper money, computerized systems of credits and debits, and digital currencies in circulation, such as digital gold currency. Private bank notes In the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Pound
The pound ( Sign: £, £A for distinction) was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £sd currencies, it was subdivided into 20 shillings (denoted by the symbol s or /–), each of 12 pence (denoted by the symbol d). History The establishment of a separate Australian currency was contemplated by section 51(xii) of the Constitution of Australia, which gave Federal Parliament the right to legislate with respect to "currency, coinage, and legal tender". Establishment Coinage The Deakin Government's ''Coinage Act 1909'' distinguished between "British coin" and "Australian coin", giving both status as legal tender of equal value. The Act gave the Treasurer the power to issue silver, bronze and nickel coins, with the dimensions, size, denominations, weight and fineness to be determined by proclamation of the Governor-General. The first coins were issued in 1910, produced by the Royal Mint in Lond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Notes Act 1910
The ''Australian Notes Act 1910'' was an Act of the Parliament of Australia which allowed for the creation of Australia's first national banknotes. In conjunction with the ''Coinage Act 1909'' it created the Australian pound as a separate national currency from the pound sterling. The act was enacted on 16 September 1910 by the Fisher Labour Government under Section 51 (xii) of the Constitution of Australia, which gives the Commonwealth Parliament the power to legislate with respect to “currency, coinage, and legal tender.” The act gave control over the issue of Australian notes to the Commonwealth Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.Reserve Bank of AustraliaHistory of Banknotes/ref> The '' Bank Notes Tax Act 1910'', enacted in October of that year imposed a prohibitive tax on banknotes issued by banks in Australia by imposing an annual tax of 10% on "all bank notes issued or re-issued by any bank in the Commo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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