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Legislative Assembly for the ACT: 2002 Week 7 Hansard (6 June) . . Page.. 2101 ..

Stamp duties

(Question No 182)

Mr Humphries asked the Treasurer, upon notice, on 4 June 2002:

(1) What is the quantum of stamp duties collected in the ACT for the current financial year as at 31 March 2002?

(2) Is the quantum of stamp duties collected as at 31 March 2002 greater or less than the estimates prepared for the 2001 ACT Budget?

(3) What has been the trend in the payment of stamp duties during the period between 1 October 2001 and 31 March 2002?

(4) How has this pattern of payment of stamp duties varied from the same period in the previous financial year?

(5) What has been the basis for any changes in the pattern of payments of stamp duties between this and the previous financial year?

Mr Quinlan: The answer to the member's question is as follows:

Please note: answers are written in respect of Consolidated Financial Statements for the General Government Sector

(1) The total amount of stamp duties collected in the ACT, as at 31 March 2002, was $125.4m.

(2) The 2001 ACT Budget forecast user charges, totalling $119.6m, to be collected during the 2001-02 financial year. As at 31 March 2002, collections of $125.4m represented 105% of the original budget estimate (or 74% of the 2001-02 revised estimated outcome).

(3) Total stamp duties, as at 1 October 2001 was $40.9m. The average collection, per month, during the period 1 October 2001 to 31 March 2002 was $14.1m.

(4)

Stamp Duty

Oct

Nov

Dec

Jan

Feb

Mar

$'000

$'000

$'000

$'000

$'000

$'000

2000-01

Month

10,325

11,000

11,977

21,544

8,549

3,950

YTD

40,785

51,785

63,762

85,306

93,855

97,805

% of Audited Outcome

27%

35%

43%

57%

63%

65%

2001-02

Month

15,127

13,600

14,282

13,945

14,178

13,442

YTD

55,984

69,584

83,866

97,811

111,989

125,431

% of Est Out

33%

41%

49%

57%

66%

74%

The table above shows the pattern of revenue for two periods.

(5) There have been no significant changes in the pattern of collection of stamp duties between this and the previous financial year, other than an increase in collections for duty on conveyances, reflecting higher property values and increased sales activity.

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