Bank Notes Tax Act 1910
|Bank Notes Tax Act 1910|
Private currency issued by the City Bank of Sydney c. 1900
|Parliament of Australia|
|Date assented to||10 October 1910|
|Date repealed||21 August 1945|
The Bank Notes Tax Act 1910 was an Act of the Parliament of Australia which imposed a prohibitive tax on banknotes issued by banks. Along with the Australian Notes Act 1910 it effectively ended the use of private currency in Australia.
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The Act was repealed by the Commonwealth Bank Act 1945, and a fine for issuing private currency imposed.
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