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Legislative Assembly for the ACT: 2002 Week 13 Hansard (21 November) . . Page.. 4037 ..

7. (a) $628,045 has been identified for ACT Policing managed initiatives.

(b) $197,000 has been identified for DJACS managed initiatives.

(c) Of the DJACS managed projects at (7)(b), two involve ACT Policing steering committee representation.

The development of the fourth initiative mentioned at (3)(a) has not yet been fully costed but would involve cooperation with all justice agencies, and children and family service agencies.

8. It is now stressed that initiatives that sit under this budget should, wherever it is

practicable, feature close cooperation with other agencies both in the development

and implementation of the initiative.

Family trusts

(Question No 305)

Mr Humphries asked the Treasurer, upon notice, on 12 November 2002:

With respect to the Revenue Legislation Amendment Act 2002:

(1) How many residences in Canberra are owned through family trusts.

(2) How many of those properties are occupied by the families who also own the trust.

(3) What is the estimated revenue to be gained from land tax from families residing in properties owned by trusts which they own.

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

(1) Not known. Family trusts can be registered under a company name or under the name of individuals as beneficiaries of a trust. However, as at 1 October 2002 there were 2 183 residential properties that were owned by companies. Of these, 1 634 residential properties were previously rented and already subject to land tax, with 549 residential properties previously not rented that have become liable to land tax under the provisions of the Revenue Legislation Amendment Act 2002.

(2) Not known. The ACT Revenue Office does not hold detailed data to determine how many of the residential properties owned by companies and now subject to land tax are actually occupied by members of a family trust.

(3) Not known. However, as at 1 October 2002 it was estimated that an additional $540 000 revenue will be collected in 2002-03 (1 October 2002 to 30 June 2003) from the 549 residential properties owned by companies that were previously not rented and are now subject to land tax. Additional annual land tax revenue from this initiative is estimated to be $720 000 in future years.

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