Page 2137 - Week 07 - Thursday, 16 June 1994
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Mr Cornwell: That is no basis whatsoever for passing it. That is morally wrong.
MR MOORE: I hear an interjection from Mr Cornwell that that is morally wrong. I am sure that there are many issues upon which Mr Cornwell thinks that I act morally wrongly, and that will continue.
Mr Cornwell: And this is one of them.
MR MOORE: He may consider that this is one of them. For those reasons, Madam Speaker, I think it is appropriate for us to correct an anomaly, and I do it reluctantly. I do it most reluctantly. I am not going to join in what I think is largely a political point scoring exercise on this issue. There is an important issue being raised here. By the tone of the Assembly at the moment, every single member who sits here realises the magnitude of making a decision that provides for retrospective legislation. None of us are going to make that decision lightly. Some of us have decided not to be part of that decision on this occasion. Others of us have decided differently. When people paid this financial institutions duty they believed that it was part of the duty that was being taken as part of their taxation system. That being the case, Madam Speaker, I shall support this piece of legislation.
MS FOLLETT (Chief Minister and Treasurer) (8.14), in reply: Madam Speaker, the facts in this matter are quite clear. When the determination was made setting the rates of financial institutions duty the instrument was incomplete. It was incomplete because the short-term dealing rate was omitted from the instrument.
Mr Humphries: It was wrong. It was stuffed-up. It was botched.
Mr De Domenico: Bad advice. It was not the first time that you got bad advice either.
MADAM SPEAKER: Order!
MS FOLLETT: Thank you, Madam Speaker. Madam Speaker, I do not contest those facts and I very much regret that matter. I very much regret having to bring before the Assembly what is, in fact, retrospective legislation, because I believe that that is not a good way to make laws. Nevertheless, there is an issue here of just plain commonsense.
What would happen, Madam Speaker, if this Bill were not passed? Members should be aware that if the Bill is not passed it is possible that financial institutions and the short-term dealers could well seek a refund. However, and this is very important, Madam Speaker, under section 95C of the Taxation Administration Act the commissioner shall not refund tax that has been passed on to a third party unless the taxpayer satisfies the commissioner that the taxpayer has refunded the tax to the third party.
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