Page 2522 - Week 09 - Tuesday, 7 August 1990

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CHIEF MINISTER FOR THE AUSTRALIAN CAPITAL TERRITORY

LEGISLATIVE ASSEMBLY QUESTION

Stamp Duty - General Insurance

Question No 156

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

What is the reason for the higher than expected 1989-90 revenue from Stamp Duty on General Insurance, which is revealed in the Forward Estimates Report.

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

The original budget estimate of $4.8m for stamp duty on general insurance 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 such as the 1989-90 initiatives to broaden the range of dutiable transactions. The impact of these factors is often difficult to quantify.

As part of the usual budget outcome monitoring process, the estimate of revenue from stamp duty on general insurance was increased to $5.7m (19%) in February 1990 to reflect the likely outcome based on receipts in the early half of 1989-90.

Since the publication of the Forward Estimates Report the estimate for stamp duty on general insurance has been increased by a further $0.3m (5%) to $6m, reflecting actual receipt collections.

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