Page 4147 - Week 13 - Thursday, 6 December 2007

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Taxation—conveyances
(Question No 1754)

Mr Mulcahy asked the Treasurer, upon notice, on 13 November 2007:

In relation to the June Quarter 2007 Consolidated Financial Report, what is the breakdown of the amounts for duty on conveyances between commercial and residential conveyances for each of the figures in Attachment C of the Report on page 25.

Mr Stanhope: The answer to the member’s question is as follows:

Below is an estimate of the revenue collected for residential and commercial conveyance. It should, however, be noted that conveyance duty is considered a single revenue line for accounting purposes. As the rate of tax applying is the same for residential and commercial properties, classification is not required for tax collection. Consequently these figures are not audited or published.

$’000

2005-06 Audited Outcome

2006-07 Annual Budget

June Quarter 2007 Budget

June Quarter 2007 Actual

2006-07 Estimated Outcome

June YTD Actual

Residential

$119,913

$123,948

$42,345

$58,418

$135,802

$166,173

Commercial

$49,134

$33,790

$34,680

$9,753

$63,000

$65,026

Total

$169,047

$157,738

$77,025

$68,171

$198,802

$231,199

Insurance—risk management
(Question No 1755)

Mrs Burke asked the Treasurer, upon notice, on 13 November 2007:

(1) In relation to the increasing costs of indemnity insurance carried by ACT agencies and departments with the Australian Capital Territory Insurance Authority, what effort is the Government making to address the statement in the Authority’s annual report 2006-2007 that escalating claims costs are due to poor risk management in agencies;

(2) How long has the Government been aware of this problem;

(1) What costs have been involved, to date, in this correction;

(2) Which agencies have been involved;

(3) How long does the Government envisage it will take to correct inefficient risk management strategies and what is the cost to the ACT budget.

Mr Stanhope: The answer to the member’s question is as follows:

(1) The ACT Insurance Authority is working to address this issue, and recently commissioned a risk management firm to look over the work done by ACTIA on its Cost of Risk Project, in particular, to focus on the manner in which the Project had been communicated to agencies.

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