Page 2521 - Week 09 - Tuesday, 7 August 1990

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CHIEF MINISTER FOR THE AUSTRALIAN CAPITAL TERRITORY

LEGISLATIVE ASSEMBLY QUESTION

Financial Institutions Duty

Question No 155

MS FOLLETT - Asked the Treasurer upon notice on 29 May 1990:

what is the reason for the lower than expected 1989-90 revenue from the Financial Institutions Duty, which is revealed in the Forward Estimates Report.

MR KAINE - The answer to the members question is as follows

The original budget estimate of $9.5m for financial institutions duty took into account revenue received in 1988-89, the rate of tax to apply in 1989-90 and assumptions about factors which may impact on the value of dutiable transactions. The impact of these factors is often difficult to quantity. Subsequent recalculation revealed that a more realistic estimate would have been $8.5m.

As part of the usual budget outcome monitoring process, the estimate of revenue from financial institutions duty was further reduced to $7.8m. This reduction of $0.7m (8%) on the corrected budget estimate was based on actual receipts to February 1990.

Since the publication of the Forward Estimates Report the estimate for financial institutions duty has been adjusted to $7.9m.

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