Page 1568 - Week 06 - Thursday, 3 May 1990
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to provide, in appropriate circumstances, a credit up to the amount of ACT duty payable where duty has already been paid in another State or other Territory.
The Stamp Duties and Taxes Act will be further amended so that instruments which are not duly stamped are prevented from being admissible in a court of law, except in criminal proceedings or proceedings in relation to a tax matter. This is in line with the States and the Northern Territory.
In addition, the option of affixing adhesive stamps on the transfer of marketable securities and conveyances will be removed. With the replacement of stamp duty on cheques, bills of exchange and hire purchase agreements by financial institutions duty, the need for duty stamps has greatly diminished. It is also considered inappropriate that documents such as share transfers which can be worth millions of dollars can be stamped without assessment by the commissioner. The proposed amendments will ensure that all dutiable documents in future are lodged with the commissioner for assessment. Persons holding stocks of unused duty stamps will be given until 1 December 1990 to obtain a refund.
In conclusion, Mr Speaker, the proposed amendments will extend the ACT revenue base by the introduction of two new tax measures, improve administration of the Act by clarifying certain ambiguities, and further strengthen the anti-avoidance provisions of the ACT tax laws.
Mr Speaker, I now present the explanatory memorandum for the Bill.
Debate (on motion by Ms Follett) adjourned.
SUPPLY BILL 1990-91
MR DUBY (Minister for Finance and Urban Services) (10.49): Mr Speaker, I present the Supply Bill 1990-91. I move:
That this Bill be agreed to in principle.
Mr Speaker, this Bill is to authorise expenditure from the consolidated revenue fund after 1 July 1990. It is an interim Bill which will lapse upon the enactment of the Appropriation Bill 1990-91 which will be introduced to this Assembly with the 1990-91 budget for the Australian Capital Territory.
Supply Bills are the traditional means of continuing government services pending passage of the budget. The Bill authorises an amount of $491,277,300 to be issued by the Treasurer from the consolidated revenue fund. This amount will be issued for the programs specified in the schedule to cover payments necessary for the continuing operation of government services.
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