MR HUMPHRIES (continuing):

the property transferred unless the transaction falls into a class exempted from duty under guidelines determined by the Minister.

Mr Speaker, briefly, this Bill will also provide for:

� concessional duty on certain landrich transactions involving trustees, custodians and nominees where there is no change in the beneficial ownership of the property concerned. This will bring the Duties Act in line with NSW and Victorian legislation;

� the extension of relief from duty for corporate reconstructions to landrich companies. In line with government policy for corporate reconstructions, relief is currently provided by waiver. This amendment will reduce the administrative costs involved in processing waivers and provide certainty to the taxpayer;

� to exempt landrich private corporations from duty under part 3 chapter 3 where the corporation would be liable to duty under both parts 2 and 3 of chapter 3 on the same transaction; and

� clarification of the obligations of those organisations granting and issuing Crown leases on behalf of the Government.

Mr Speaker, this opportunity will also be taken to make general housekeeping and editorial changes in accordance with the Legislation Act 2001, which will also ensure internal consistency within the Duties Act.

In conclusion, Mr Speaker, the changes brought about by this Bill will help the ACT maintain consistency with the corresponding NSW legislation, and where practicable ensure ACT taxpayers are not disadvantaged compared to their NSW counterparts. They will also provide benefits to Government administrations adversely affected by the introduction of the Duties Act, maintain equity in the imposition of duty, capture previously non-dutiable transactions, and ensure the consistent treatment of private and public corporations.