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Legislative Assembly for the ACT: 1998 Week 11 Hansard (10 December) . . Page.. 3431 ..

MS CARNELL (continuing):

Mr Speaker, the Duties (Consequential and Transitional Provisions) Bill 1998 is to be read as one with the Duties Bill 1998 which has just been presented. The purpose of the Bill is to ensure the smooth transition from the Stamp Duties and Taxes Act 1987 to the new Duties Act, once passed. The old Act is scheduled to be repealed on the date of commencement of the Duties Bill.

The Bill contains provisions which will enable taxpayers and their representatives to be clear as to which of the Acts will govern their particular instrument or transaction. The provisions will also ensure that instruments and transactions do not become liable for duty under both Acts.

Mr Speaker, although the Stamp Duties and Taxes Act will be repealed as a whole, certain provisions will continue to apply so that documents executed and transactions occurring before the commencement date of the new Duties Act will remain liable for duty or tax under the old Act. The Bill also sets the rates of duty for most dutiable transactions under the Duties Bill as well as keeping in place rates for the purposes of the Stamp Duties and Taxes Act. The Bill also provides for the making of regulations to overcome any possible unexpected or unintended effect of the Duties Bill.

Debate (on motion by Mr Quinlan) adjourned.

MS CARNELL (Chief Minister and Treasurer) (11.01): Mr Speaker, I present the Taxation Administration Bill 1998, together with its explanatory memorandum.

Title read by Clerk.

MS CARNELL: I move:

That this Bill be agreed to in principle.

Mr Speaker, this is a Bill for an Act to replace the existing Taxation (Administration) Act 1987. This Bill is the result of extensive consultation with the State revenue offices of New South Wales, Victoria, South Australia and Tasmania to produce taxation administration legislation which is contemporary in language and presentation, simple to administer and, wherever practicable, consistent across the participating jurisdictions.

A common approach to the administration of State and Territory tax laws will provide clear benefits to taxpayers, particularly those with national businesses. The ACT, alone among the participating jurisdictions, has had a taxation administration Act for some years. Before the introduction of a single taxation administration Act in each of the other participating jurisdictions, such administrative provisions were contained within individual tax Acts and were often different for each tax.

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