page_title: Bank Notes Tax Act 1910
hierarchical_section_title: Bank Notes Tax Act 1910
caption_attribution_description: English: This is an example of private currency. It was issued by the City Bank of Sydney in Australia during the early part of the 20th Century.
context_page_description: 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 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.
context_section_description: 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.
caption: Private currency issued by the City Bank of Sydney c. 1900
exif: {}