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Legislative Assembly for the ACT: 2002 Week 3 Hansard (7 March) . . Page.. 686 ..

Duties Amendment Bill 2002

Mr Quinlan , pursuant to notice, presented the bill and its explanatory memorandum.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism, Minister for Sport, Racing and Gaming and Minister for Police, Emergency Services and Corrections) (10.39): I move:

Mr Speaker, the Duties Amendment Bill 2002 amends the Duties Act 1999. The proposal is to correct an omission which resulted in the unintentional removal of an exemption from duty of reinsurance when the Stamp Duties and Taxes Act 1987 was replaced by the Duties Act on 1 March 1999. Under the stamp act, reinsurance effected with another insurer was specifically excluded from the definition of insurance and was thus not liable to duty. This is because duty is paid on the original contract of insurance. There were also other exemptions from duty contained in schedule 2.

In the new Duties Act new definitions were introduced and existing exemptions were retained. Unfortunately, in the changeover, reinsurance was omitted from the Duties Act, and this has resulted in the unintended removal of an existing exemption and, effectively, double taxation. Amending the Duties Act to add reinsurance to the list of exempt insurance avoids the possibility of double duty. Making the amendment retrospective to the date of the omission ensures that all reinsurance remains exempt from duty.

This opportunity has been taken to make a housekeeping change to the Duties Act to correct a reference to an incorrect part number. I commend the Duties Amendment Bill 2002 to the Assembly.

Debate (on motion by Mr Smyth ) adjourned to the next sitting.

Treasury Legislation Amendment Bill 2002

Mr Quinlan , pursuant to notice, presented the bill and its explanatory memorandum.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism, Minister for Sport, Racing and Gaming and Minister for Police, Emergency Services and Corrections) (10.42): I move:

Currently, interest rates for the Taxation Administration Act 1999, the Rates and Land Tax Act 1926 and the Rates and Land Rent (Relief) Act 1970 are set by the minister every six months by separate instruments under each act. Approved training for the purposes of exemption from payroll tax under the Payroll Tax Act 1987 is also set by the minister by instrument.

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