Page 3947 - Week 09 - Thursday, 25 August 2011

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Question so resolved in the affirmative.

Bill agreed to in principle.

Detail stage

Clause 1.

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

Land Tax Amendment Bill 2011

Debate resumed from 23 June 2011 on motion by Ms Gallagher:

That this bill be agreed to in principle.

MR SMYTH (Brindabella) (4.41): Mr Speaker, the opposition will be supporting this bill. Essentially it is a very straightforward matter, and I thank the Treasurer for providing additional material. The purpose of the bill is to require the owner of a residential property to notify the commissioner of a land tax liability where the owner holds the property as trustee of a trust. The issue being resolved is that, at present, these properties cannot be identified because there is no requirement for the property title to show that the owner holds the property in trust. The owner who is a trustee will be required to notify the commissioner that a property is rented and that it is liable for land tax. It seems perfectly sensible and reasonable public policy.

The advice I have received from the Treasurer indicates that there will be only a small number of properties which will be subject to this new provision. The only financial implication is the potential for a small increase in revenue generated from land tax as a consequence of relevant properties on which land tax should be paid having that land tax being paid, except that it is not possible to quantify the quantum at this time.

I emphasise that the provisions in the bill do not change or extend the policy of imposing the liability for land tax; rather, these provisions will apply land tax to all relevant properties, as intended by the current policy. The community will benefit from this bill, as the fundamental revenue policy objective—that is, to impose land tax on all rented properties—will be applied to all relevant properties.

MS HUNTER (Ginninderra—Parliamentary Leader, ACT Greens) (4.42): The Greens will support this bill. The bill proposes a reasonable and not onerous requirement on legal owners of land where they own that land as trustees. The bill

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