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Legislative Assembly for the ACT: 1997 Week 8 Hansard (28 August) . . Page.. 2578 ..

MRS CARNELL (Chief Minister and Treasurer) (10.46): I present the Stamp Duties and Taxes (Amendment) Bill 1997, together with its explanatory memorandum.

Title read by Clerk.

MRS CARNELL: Mr Speaker, this Bill amends the Stamp Duties and Taxes Act 1987 to provide for the imposition of duty at concessional rates for asset transfers in domestic relationship situations and where superannuation funds and pooled superannuation trusts are required to comply with Commonwealth legislation. Since the introduction of the Commonwealth Superannuation Industry (Supervision) Act 1993 in July 1994, it has been Commonwealth Government policy to require the trustees of superannuation funds to broaden the investment portfolios to reduce the funds' risk from inadequate diversification. The most financially viable means of complying with the Insurance and Superannuation Commission's requirements involves the transfer of assets to large pooled superannuation trusts in return for units in those trusts. The large trusts are designed to give diversification through the pooling of assets of groups of superannuation funds.

This Bill, Mr Speaker, will provide stamp duty relief for superannuation funds and pooled superannuation trusts that are transferring assets in order to comply with the Superannuation Industry (Supervision) Act 1993. The transfer of real property and marketable securities will be subject to concessional duty under these provisions. This initiative will enhance the Government's regulation of the superannuation industry and bring the ACT into line with New South Wales. Mr Speaker, the Act currently imposes concessional duty on property settlements in accordance with an order of a court under the Family Law Act 1975 or the Married Persons Act 1986. Stamp duty relief is also provided for the transfer of properties by former de facto couples under a court-ordered settlement. With the increasing number and community acceptance of other domestic arrangements, the Domestic Relationships Act 1994 now provides for property adjustment for those who have been living in a domestic relationship. A "domestic relationship" means a personal relationship, other than a legal marriage, between two adults in which one provides personal or financial commitment and support of a domestic nature for the material benefit of the other, and includes a de facto marriage. It may involve relatives, friends or same-sex couples. The Discrimination Act 1991 also prohibits discrimination on the grounds of marital relationship or sexual preference.

Mr Speaker, this Bill, therefore, will provide the same stamp duty relief for the transfer of property between parties in a domestic relationship as defined in the Domestic Relationships Act 1994 as is currently available to married and de facto parties under the Stamp Duties and Taxes Act 1987. Mr Speaker, the provision of these additional concessions by this Government is expected to have a minimal effect on revenues, while providing significant benefits to beneficiaries of these concessions. I move:

That this Bill be agreed to in principle.

Debate (on motion by Mr Berry) adjourned.

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