Legislative Assembly for the ACT: 2003 Week 5 Hansard (6 May) . . Page.. 1594..
MR QUINLAN (continuing):
current corporate reconstruction exemption with a concession. Companies undertaking corporate reconstructions will now pay 5 per cent of the assessed duty. The government has ensured that the existing eligibility criteria and the types of eligible transactions remain unchanged. This initiative is estimated to increase revenue by $1.1 million in 2003-04.
Another initiative relates to security duty. For a number of years, the ACT and the Northern Territory have been the only jurisdictions not to charge duty on secured loans. This initiative is designed to bring the ACT into line with the rest of Australia, other than the Northern Territory, albeit at a rate half that of Victoria, which currently has the lowest rate. The ACT will have the lowest rate and the highest threshold. This duty will apply only to secured advances of $1 million or more taken out for commercial purposes. This initiative is estimated to increase revenue in 2003-04 by $0.5 million.
The final initiative in the bill relates to gaming tax. The tax rates for gaming machine revenue have not been amended since 1999. Commencing 1 July 2003, the top marginal gaming machine tax rate will be increased by 2 per cent, from 25 per cent to 27 per cent, thereby limiting the effect of this initiative to those clubs with the most capacity to pay; that is, those with gross gaming machine revenue in excess of $600,000 per annum. It is estimated that this initiative will increase revenue by $3 million in 2003-04.
These three revenue initiatives announced in the 2003-04 budget are estimated to increase revenue by a total of $4.6 million next financial year. Mr Speaker, I commend the Revenue Legislation Amendment Bill 2003 to the Assembly.
Debate (on motion by Mr Stefaniak ) adjourned to the next sitting.
Mr Speaker presented the following paper:
Letter from Senator the Honourable Paul Calvert, President of the Senate, detailing the Senate's resolution of 27 March 2003 in response to the passing by the Assembly of the Legislation (Gay Lesbian and Transgender) Amendment Bill 2002 and the Discrimination Amendment Bill 2002 (No 2).
Mr Quinlan presented the following papers:
Legislative Assembly for the ACT: 2003-2004 Ownership agreements between the Treasurer and:
Chief Executive, Chief Minister's Department, dated 2 May 2003
Occupational Health and Safety Commissioner, dated 1 May 2003
Chief Executive Officer, Department of Treasury, dated 2 May 2003
General Manager, InTACT, dated 2 May 2003
Chief Executive, Department of Education, Youth and Family Services, dated
2 May 2003
Chief Executive, Department of Health and Community Care, dated 2 May 2003
Chief Executive, Department of Justice and Community Safety, dated 1 and 2 May 2003
Chief Executive, Department of Urban Services, dated 2 May 2003