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Legislative Assembly for the ACT: 2000 Week 6 Hansard (25 May) . . Page.. 1766 ..

MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (10.54): Mr Speaker, I present the Duties Amendment Bill 2000 (No 2), together with its explanatory memorandum.

Title read by Clerk.

MR HUMPHRIES: I move:

This bill implements a revenue initiative for the 2000-01 budget which will reduce duty payment to $20 for hospitals, schools and charitable organisations for the following purposes: establishment of a trust relating to unidentified property and non-dutiable property-the current duty is $200; transfer of property from one superannuation fund to another- currently ad valorem (minimum of $20) or $200, whichever is lesser; and transfer to trustees or custodians of superannuation funds-currently ad valorem or $200, whichever is lesser.

As all other transactions for hospitals, schools and charitable organisations are either exempt or subject to a fixed $20 duty where document stamping and/or handling is involved, this bill provides for a more consistent tax treatment of these types of organisations under the Duties Act 1999. I commend the bill to the Assembly.

Debate (on motion by Mr Quinlan ) adjourned.

MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (10.55): Mr Speaker, I present the Insurance Corporation Bill 2000, together with its explanatory memorandum.

Title read by Clerk.

MR HUMPHRIES: I move:

I am pleased to present to the Assembly the Insurance Corporation Bill 2000. The purpose of the bill is to establish a statutory authority to manage the financing of the insurable risk of the territory and its agencies. The authority is to be known as the ACT Insurance Corporation or, inevitably, ACTIC.

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