Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1999 Week 1 Hansard (18 February) . . Page.. 304 ..

MS CARNELL (continuing):

limit the impact of the Bill on the sale of business in the ACT. These amendments should not be a surprise, as was said to key business groups, as they reflect the intention of the Government as foreshadowed in a presentation speech in December.

The only other amendment of substance relates to the omission of certain transactions from the dutiable transaction lists which, of course, will only be of benefit to ACT taxpayers. In fact, the list of consultation and meetings with regard to this legislation has been quite long and very comprehensive.

I understand a briefing was offered to members of the Assembly by the Revenue Office. I think Mr Rugendyke and Ms Tucker availed themselves of that briefing, at which stage the amendments were provided and explained. I believe that the Revenue Office has done a very good job with regard to consultation generally.

In answer to Mr Kaine's questions about ensuring that the amendments that I foreshadowed are the amendments that I am going to bring down today, I can assure Mr Kaine that all of the issues have been covered in the amendments that I will put on the table in a few minutes time. Thank you to those members who availed themselves of the briefing given by the Revenue Office.

Mr Speaker, this is a revenue-positive piece of legislation. It will ensure that the ACT's legislation is in line with the national approach that various States and Territories have been working on for a long time. It fulfils a commitment of successive ACT governments to provide a more uniform stamp duty regime which will particularly benefit businesses operating across the border. As our business climate changes in the ACT, more and more home-grown ACT businesses are setting up offices and subsidiaries or businesses outside the ACT, so the benefits for businesses operating in both New South Wales and the ACT are very real.

The Bill also closes a number of loopholes, particularly in the area of trusts and the transfer of interests in land through companies and unit trusts. I am sure every member of this Assembly believes that companies that attempt, shall we say, to minimise their taxation situation or use loopholes in any legislation should be stopped, and this legislation does that. I am very pleased that there is general support.

I am very appreciative of the positive reactions of various interest groups to the Bill, and I wish to thank all of those who took part in the extensive consultation that I have spoken about. The Commissioner for ACT Revenue has assured me that on passage of the Bill she will continue to consult with industry groups and the community to ensure a smooth implementation. I thank all members for their support for this important piece of legislation.

Question resolved in the affirmative.

Bill, by leave, taken as a whole

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .