Page 3590 - Week 12 - Thursday, 19 September 1991

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administer, and it would therefore diminish the value of the tax. That is the brief explanation of why I continue to exempt the Housing Trust.

As I say, I thank members for their comments. They are extremely thoughtful. They have been made in the face of an exceptionally effective campaign by real estate interests - a campaign that, unfortunately, has been largely misdirected. I think that members who have been able to make their own decisions upon that matter are to be congratulated.

Question put:

That this Bill be agreed to in principle.

The Assembly voted -

AYES, 9  NOES, 5 

Mr Berry Mr Collaery
Mr Connolly Mr Jensen
Mr Duby Mr Kaine
Ms Follett Dr Kinloch
Mrs Grassby Mr Stefaniak
Mr Humphries
Ms Maher
Mr Moore
Mr Wood

Question so resolved in the affirmative.

Bill agreed to in principle.

Detail Stage

Bill, by leave, taken as a whole.

MS FOLLETT (Chief Minister and Treasurer) (5.39): I want to move an amendment to this Bill, and I present a supplementary explanatory memorandum to the Bill. I move:

Paragraph 5(a), page 2, line 30, omit proposed sub-subparagraph 22B(1)(b)(ii)(B), substitute the following sub-subparagraph:

"(B) for sale before the prescribed date immediately following the next prescribed date;".

The reason that I am moving this amendment is to further relax a provision in the Bill which involves a rather stringent requirement. The inclusion in the Bill of this amendment will provide a further relief. I want it to be as reasonable as possible and I want to avoid the tax being applied to people who do not actually invest in residential property to earn rental income.

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