Bank Notes Tax Act 1910

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Bank Notes Tax Act 1910
The City Bank Of Sydney 20 pound note.jpg
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Date repealed 21 August 1945
Status: Repealed

The Bank Notes Tax Act 1910 was an Act of the Parliament of Australia which imposed a prohibitive tax on banknotes issued by banks.[1][2] 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."[2]

The Act was repealed by the Commonwealth Bank Act 1945,[3] and a fine for issuing private currency imposed.

See also[edit]

References[edit]

  1. ^ "Bank Notes Tax Act 1910". Commonwealth of Australia. Retrieved 14 November 2014. 
  2. ^ a b "THE AUSTRALIAN NOTE ISSUE". Commonwealth of Australia. Retrieved 14 November 2014. 
  3. ^ "Commonwealth Bank Act 1945". Commonwealth of Australia. Retrieved 26 November 2015.