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Legislative Assembly for the ACT: 1996 Week 11 Hansard (26 September) . . Page.. 3624 ..

That rate is 0.75%, based on the total amount payable by the person hiring the equipment, to a maximum of $10,000 per individual hire. As a consequence of the lower rate such arrangements will not be eligible for the threshold of $6,000 available to other hires.

Commercial hirers who enter into arrangements which are not equipment finance arrangements will be liable to pay duty at 1.5% of total hire receipts above $6,000 per month, to a maximum of $10,000.00 per individual hire. Similarly, non-commercial hirers will be liable for duty at the 0.75% rate or the 1.5% rate (on payments exceeding $6,000) to a maximum of $10,000 per single hire, depending upon whether the hire is an equipment finance arrangement.

Such rates and thresholds are identical to those in NSW and will be set by determination and subject to scrutiny by the Assembly.

Mr Speaker, under the proposed legislation, commercial hirers who are liable to pay duty will be required to register, lodge monthly returns and pay the determined amount of duty on receipts of hiring fees.

Non-commercial hirers will be required to lodge a copy of the hire agreement (or a statement if no agreement exists) with the ACT Revenue Office for assessment within 30 days of the date of the agreement.

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