Page 4624 - Week 16 - Tuesday, 27 November 1990
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for Regional Development - with the local banks, including the Canberra Advance Bank, et cetera. In addition, we have had detailed consultation with all other revenue collection centres throughout Australia to make sure that this tax is quite consistent and is not an anomaly in the taxation regime which applies across the whole Commonwealth. I might add that all commissioners of revenue throughout this country - from Perth in the west, to Brisbane in the north, to Hobart in the south - agree that the way we are going is probably the simplest way to compensate for the loss of revenue flowing from the Commonwealth abolition of BAD tax.
Mr Stevenson made quite a number of points about the fact that we are raising a new tax, or increasing a tax. The fact must be remembered, of course, though, that this Government is taking a positive step in, frankly, abolishing a tax which currently exists and applies, namely, the bank account debits tax. That tax will no longer apply in the ACT. That in itself is something that should be applauded. The level of simplicity of collection, the simplicity of payment, and the general simplicity of understanding amongst the general population of having only one tax rather than two, to my mind, make this a much better method of collection than that which currently exists.
One of the points that Ms Follett raised, and I think it is a legitimate point, was the fact of the rate of this tax being specified in the legislation rather than through regulation. It is a point that has been raised in the past by members on this side of the house and, indeed, members on the other side. All I can say is that the point is taken, and taken well.
It is fair to say that one of the reasons that this is currently appearing in this format is the required urgency of the passing of this Bill. I have already indicated that it was the Government's understanding, and it was the Commonwealth's understanding until this week, that the bank account debits tax would disappear as at 1 December. For various reasons, it was decided that it was better to get this Act in place rather than try to rewrite regulations, et cetera, and try to vary things in that way.
I would like to point out that a review of all legislation in this category is currently being undertaken by the Government. Whilst we acknowledge that, perhaps, we were remiss in not fixing up this particular piece of legislation in that regard, a review of all legislation in that category is currently being undertaken. It should be also pointed out that to fix that legislative anomaly, which I think we all agree exists at the moment, is really not all that hard. An amendment to this Act could be moved fairly simply and the Government will welcome any such move. Indeed, I think that, if the Opposition were to move it at some time in the future, it would be accepted.
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