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Legislative Assembly for the ACT: 1998 Week 4 Hansard (25 June) . . Page.. 1177 ..

Mr Speaker, this Bill makes a number of important amendments to the Financial Institutions Duty Act 1987.

These amendments are essential in removing avenues for duty avoidance, and to protect our revenue collection program.

Firstly, Mr Speaker, many businesses have been avoiding the payment of financial institutions duty in the ACT, by banking their business takings in other jurisdictions.

Such arrangements provide these businesses, with an unfair advantage over those businesses which retain their banking activities in the ACT.

As this practice also results in a loss of revenue to the Territory, a number of provisions have been included in the Bill to remove this opportunity for duty avoidance.

The extra-territorial and depositor anti-avoidance provisions in the Bill are designed to ensure that receipts received in the ordinary course of ACT business activity are subject to ACT duty, even when not deposited in the Territory.

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