Legislative Assembly for the ACT: 1993 Week 11 Hansard (Thursday, 14 October 1993) . . Page.. 3461 ..
Thursday, 14 October 1993
MADAM SPEAKER (Ms McRae) took the chair at 10.30 am and read the prayer.
MS FOLLETT: Madam Speaker, I ask for leave to present a petition which does not conform with standing orders as it does not address the Assembly nor contain a request.
MS FOLLETT: I present an out-of-order petition from 250 residents opposing any cuts in the education budget.
STAMP DUTIES AND TAXES (AMENDMENT) BILL (NO. 3) 1993
MS FOLLETT (Chief Minister and Treasurer) (10.31): I present the Stamp Duties and Taxes (Amendment) Bill (No. 3) 1993.
Title read by Clerk.
MS FOLLETT: Madam Speaker, I move:
That this Bill be agreed to in principle.
This Bill introduces amendments to the Stamp Duties and Taxes Act 1987 to provide for the imposition of duty at concessional rates for asset transfers in domestic situations and for employment organisations complying with changes to Commonwealth legislation. The Bill also introduces anti-avoidance measures in relation to stamp duty on insurance premiums.
Madam Speaker, currently the Act imposes concessional duty on property settlements in accordance with an order of a court under the Family Law Act 1975 or the Married Persons Property Act 1986. Property settlements ordered by the Supreme Court in the dissolution of de facto relationships are, however, fully liable to stamp duty. With the increasing number and community acceptance of de facto relationships, this situation is now considered inequitable. This Bill therefore proposes to provide stamp duty relief for the transfer of property by former de facto couples under a court ordered settlement. In the 1992-93 budget papers changes to the Act were foreshadowed to allow a spouse to transfer property into joint names without attracting ad valorem duty. This Bill will give effect to that announcement by providing stamp duty relief for the transfer of the family home and replace the administrative arrangement that has been in place since the 1992-93 budget. This concession will apply to both married and de facto relationships.