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Legislative Assembly for the ACT: 2007 Week 6 Hansard (5 June) . . Page.. 1393..


Land Tax (Interest and Penalty) Amendment Bill 2007

Mr Stanhope, by leave, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.

Title read by Clerk.

MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs, Minister for the Environment, Water and Climate Change, Minister for the Arts) (10.42): I move:

That this bill be agreed to in principle.

The Land Tax (Interest and Penalty) Amendment Bill 2007 amends the Land Tax Act 2004 and the Taxation Administration Act 1999. The bill seeks to reinforce the original intention of the Land Tax Act and will prevent revenue leakage.

Land tax is levied in the ACT on certain parcels of rateable land including rented residential property. In accordance with the Land Tax Act, the owner is obliged to notify the Commissioner for ACT Revenue within 30 days of the property becoming rented.

It has always been the intention that interest and penalty tax be levied where an owner of a rented residential property fails in their obligation to notify the commissioner that the property is rented. Under the Rates and Land Tax Act 1926, penalty tax was levied on failure to tell the commissioner about a rented property. Unfortunately, this was overlooked when the act was split into the Rates Act 2004 and the Land Tax Act 2004 with both being brought under the Taxation Administration Act 1999.

The bill will amend the Land Tax Act and Taxation Administration Act so that interest and penalty tax may be applied, as originally intended. Failure to notify the commissioner will now be taken to be a tax default and interest will be levied from 30 days after the tax becomes liable.

I commend the Land Tax (Interest and Penalty) Amendment Bill 2007 to the Assembly.

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

Water Resources Bill 2007

Debate resumed from 3 May 2007, on motion by Mr Stanhope:

That this bill be agreed to in principle.

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

Statute Law Amendment Bill 2007

Debate resumed from 3 May 2007, on motion by Mr Stanhope:

That this bill be agreed to in principle.


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