Page 4453 - Week 15 - Thursday, 22 November 1990
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Secondly, the amendments will tighten the exemption currently granted in relation to the transfer of money interstate to another FID jurisdiction. The exemption will now provide an exemption only where a person transfers money interstate through his or her financial institution when paid for by a personal cheque drawn on, or by debit of, that person's bank account with that financial institution. This will bring the ACT into line with New South Wales, South Australia and Tasmania.
Thirdly, the Bill will provide for the exemption of new accounts established as a consequence of the merger or reconstruction of financial institutions, where duty has already been paid on deposits transferred to the new accounts. This is particularly relevant, considering the number of mergers of financial institutions each year.
In addition, the Bill will provide clarification on the dutiability of rolled-over term deposits and commercial bills, limiting duty to interest earned on the term deposit or to the difference between the discounted amount and the face value of the bill. The amendments also provide for the exemption by regulation of specified accounts or classes of accounts, previously available only to specified persons and organisations. Exemption is also extended to all pensions, benefits and allowances payable under the Social Security Act 1947.
In conclusion, Mr Speaker, the proposed amendments will clarify the exemption provisions for the ACT and enhance revenue raising and collection measures. Such measures will complement the proposed increase in the rate of duty. I now present the explanatory memorandum for the Bill.
Debate (on motion by Ms Follett) adjourned.
MOTOR TRAFFIC (AMENDMENT) BILL (NO. 8) 1990
MR DUBY (Minister for Finance and Urban Services) (10.44): Mr Speaker, I present the Motor Traffic (Amendment) Bill (No. 8) of 1990. I move:
That this Bill be agreed to in principle.
The ACT Motor Traffic Act was introduced in 1936 and relates to the control of motor vehicles and the regulation of motor traffic. As a result of the concerns regarding fatalities involving heavy vehicles, the Federal Government, in its 10-point package of road safety initiatives, included measures aimed at reducing the number of fatal accidents involving semitrailers and coaches. These included stricter alcohol limits, a national licensing scheme for heavy vehicle drivers and the introduction of speed limiting devices.
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