Private currency issued by the City Bank of Sydney c. 1900
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."[2] The tax commenced in March 1911.[3]
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 Act was to end the use of private currency in Australia, which it had achieved.
Legacyedit
The Act was repealed by the Commonwealth Bank Act 1945,[4] enacted by the Chifley Labor government, which instead imposed a fine for issuing a private currency. S.44(1) of the Reserve Bank Act 1959 now prohibits private and state currencies.[5]
^"Bank Notes Tax Act 1910". Commonwealth of Australia. Retrieved 14 November 2014.
^ ab"THE AUSTRALIAN NOTE ISSUE". Commonwealth of Australia. Retrieved 14 November 2014.
^Edmonds, Leigh (2010). "The 1910s: Laying the Foundations". A brief history of the Australian Taxation Office(PDF). Australian Taxation Office. pp. 5–22. Retrieved 30 April 2018.
^"Commonwealth Bank Act 1945". Commonwealth of Australia. Retrieved 26 November 2015.
bank, notes, 1910, parliament, australia, which, imposed, prohibitive, banknotes, issued, banks, australia, enacted, october, 1910, fisher, labour, government, under, section, constitution, australia, that, gives, commonwealth, parliament, power, legislate, wi. The Bank Notes Tax Act 1910 Cth was an Act of the Parliament of Australia which imposed a prohibitive tax on banknotes issued by banks in Australia 1 2 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 Bank Notes Tax Act 1910Parliament of AustraliaLong title An Act to impose a Tax upon Bank Notes CitationNo 14 of 1910Royal assent10 October 1910Repealed21 August 1945Repealed byCommonwealth Bank Act 1945Status Repealed Contents 1 The Act 2 Legacy 3 See also 4 ReferencesThe Act edit nbsp Private currency issued by the City Bank of Sydney c 1900The Act imposed an annual tax of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 2 The tax commenced in March 1911 3 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 Act was to end the use of private currency in Australia which it had achieved Legacy editThe Act was repealed by the Commonwealth Bank Act 1945 4 enacted by the Chifley Labor government which instead imposed a fine for issuing a private currency S 44 1 of the Reserve Bank Act 1959 now prohibits private and state currencies 5 See also edit nbsp Money portalSection 51 xii of the Australian Constitution Private currency Taxation in Australia Australian dollar Australian Notes Act 1910References edit Bank Notes Tax Act 1910 Commonwealth of Australia Retrieved 14 November 2014 a b THE AUSTRALIAN NOTE ISSUE Commonwealth of Australia Retrieved 14 November 2014 Edmonds Leigh 2010 The 1910s Laying the Foundations A brief history of the Australian Taxation Office PDF Australian Taxation Office pp 5 22 Retrieved 30 April 2018 Commonwealth Bank Act 1945 Commonwealth of Australia Retrieved 26 November 2015 Reserve Bank Act 1959 Cth s 44 nbsp This Australian government related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Bank Notes Tax Act 1910 amp oldid 1150960671, wikipedia, wiki, book, books, library,
