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Legislative Assembly for the ACT: 2000 Week 5 Hansard (11 May) . . Page.. 1417..


Thursday, 11 May 2000

____________________

The Assembly met at 10.30 am.

(Quorum formed.)

MR SPEAKER (Mr Cornwell) took the chair and asked members to stand in silence and pray or reflect on their responsibilities to the people of the Australian Capital Territory.

FINANCIAL RELATIONS AGREEMENT CONSEQUENTIAL

AMENDMENTS BILL 2000

MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (10.33): Mr Speaker, I present the Financial Relations Agreement Consequential Amendments Bill 2000, together with its explanatory memorandum.

Title read by Clerk.

MR HUMPHRIES: Mr Speaker, I move:

That this bill be agreed to in principle.

This is a bill for an act to fulfil the ACT'S commitment under the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations, the IGA, in implementing changes to ACT taxes. Members are aware that the IGA is part of the Commonwealth's new national tax reform package. The new tax system includes, among other things, the introduction of a GST from 1 July 2000 and the elimination of a number of existing taxes, including some state and territory own source taxes. The GST will compensate for the cessation of these taxes as part of the reform measures.

The bill effects cessation, from 1 July 2001, of stamp duty on quoted marketable securities and financial institutions duty.

The bill amends the Duties Act 1999 to ensure that stamp duty liability arising on the transfer of shares or other marketable securities which are quoted on the Australian Stock Exchange or another recognised stock exchange will cease to apply in respect of transfers which occur on or after 1 July 2001. It accomplishes that by redefining which types of shares are dutiable property and specifying that marketable securities that are quoted on a recognised stock exchange are not dutiable property. To support these changes, the bill also repeals part 4 of chapter 2 of the Duties Act, which concerns off-market transfers of quoted marketable securities, and removes all references throughout the Duties Act to transfers of quoted marketable securities.

The bill also effects necessary amendments to the Financial Institutions Duty Act 1987. Financial institutions duty is currently levied on receipts of registered financial institutions and agents of interstate financial institutions, on payments to unregistered


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