Page 2524 - Week 08 - Thursday, 6 August 2015
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Housing—conveyances
(Question No 445)
Mr Hanson asked the Treasurer, upon notice, on 4 June 2015:
(1) What is the breakdown in conveyances (stamp duty) revenue between existing dwellings and anticipated new dwellings for each year in the forward estimates of the 2015-16 ACT Budget.
(2) What is the total net reduction in conveyances (stamp duty) revenue by year as a result of the Government’s tax reform agenda for each year in the forward estimates of the 2015-16 ACT Budget.
Mr Barr: The answer to the member’s question is as follows:
(1) Residential conveyance duty is forecast at an aggregate level. A breakdown between existing dwellings and anticipated new dwellings over the forward estimates of the 2015-16 Budget is unavailable.
(2) Calculating the net reduction in conveyance duty as a result of tax reform over the forward estimates period requires a number of assumptions to be made. Different answers are possible depending on the assumptions chosen.
Assumptions need to be made about the revenue expected from conveyance duty over the forward estimates. While these estimates have been announced in the 2015-16 Budget papers, and reflect the best information available at the time of forecasting, they are unlikely to match actual conveyance duty revenue outcomes. This reflects the volatile nature of conveyance duty revenue and the difficulty in producing accurate forecasts, particularly over a four year period. Any calculations produced now on the revenue lost due to tax reform will be subject to revision as actual collections are obtained and estimates over the forward years of the budget are updated.
Assumptions also need to be made for the amount of revenue that would have been collected from conveyance duties in the absence of tax reform.
Questions without notice taken on notice
ACT Emergency Services Agency—properties
Ms Burch (in reply to a question and a supplementary question by Mr Smyth on Thursday, 14May 2015): The term of the contract was extended by written agreement
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