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Legislative Assembly for the ACT: 2002 Week 8 Hansard (25 June) . . Page.. 2211 ..

Conclusion

Mr Speaker, this is a robust, responsible budget. It is a budget that delivers on our promises. Yes, it contains a few moderate tax increases. But it addresses genuine need in our community. It seeks to help those in most need of help.

This budget contains no new borrowings. It has been constructed under the handicap of a need to incorporate millions of dollars in commitments that truly ought to have been included in the budget of 2001-02.

It has a level of capital works, and provisions for business stimulation, that will ensure Canberra continues to grow in economic strength.

I commend the 2002-03 budget to the Assembly.

MR SPEAKER: Mr Quinlan, would you move that the bill be agreed to in principle.

MR QUINLAN: I move:

That this bill be agreed to in principle.

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

Revenue Legislation Amendment Bill 2002

Mr Quinlan , pursuant to leave, 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) (3.38): I move:

That this bill be agreed to in principle.

Mr Speaker, the Revenue Legislation Amendment Bill 2002 amends the Payroll Tax Act of 1987 and the Rates and Land Tax Act of 1926 to give legislative basis to the revenue initiatives announced in the budget of 2002-03. The amendments to the Payroll Tax Act bring the payroll wages base into line with other jurisdictions.

The provisions change the value of fringe benefits to the fringe benefits taxable amount, which is the grossed-up or tax inclusive value of the fringe benefit. They also amend the definition of wages to include the lump sum payments for annual leave, including associated bonuses and loadings, payments for unused long service leave, and so much of any eligible payment that would be included in the assessable income of an employee. This ensures that non-assessable payments, such as payments for years of service, are not included in the payroll net.

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