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Legislative Assembly for the ACT: 1998 Week 4 Hansard (25 June) . . Page.. 1179 ..

Any short term dealer conducting business in the ACT is required to pay duty on 185% of those dealings - that is 100% to the ACT, and 85% to other jurisdictions which collect short term dealing duty on an Australia-wide basis.

Changes to the ACT short term dealing provisions will remove this anomalous situation so that ACT short term dealers will now be required to pay duty on 5% of their Australia-wide dealings.

Mr Speaker, the changes proposed in this Bill will:

. ensure that businesses comply with their tax obligation and pay duty on receipts received from economic activity in the ACT;

. harmonise the administration and application of financial institutions duty here in the ACT with that of other jurisdictions;

. protect the Territory's revenue; and

. establish a fairer and more equitable system for collecting financial institutions duty.

Mr Speaker, I commend this Bill to the Assembly and move that it be accepted in principle.

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