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Legislative Assembly for the ACT: 1998 Week 7 Hansard (22 September) . . Page.. 1977 ..


Debate resumed from 25 June 1998, on motion by Ms Carnell:

That this Bill be agreed to in principle.

MR QUINLAN (11.04): Mr Speaker, the Opposition does not intend to oppose these particular amendments. Their primary purpose is to close loopholes in the financial institutions duty legislation, which we applaud. We see them as very far-looking amendments, given that FID is likely to continue beyond the next Federal parliament because we will not have a GST under an ALP government. We have been advised that the Chief Minister intends to put forward further amendments to tighten up the legislation. Within our limited resources, we find no problem with the intent and, of course, rely on the much greater resources on the other side of the house in terms of the fine detail.

MS CARNELL (Chief Minister and Treasurer) (11.06), in reply: Mr Speaker, I thank members of the Assembly for their support for this legislation. To protect our revenue base it is always important to be ever vigilant in areas of potential duty avoidance. That is what this legislation and the amendments that I will move in a minute are aimed at doing. I thank all members for their support. I thank also the people in our Revenue Office who brought this legislation forward to ensure that the Territory's revenue base continues.

Question resolved in the affirmative.

Bill agreed to in principle.

Detail Stage

Bill, by leave, taken as a whole

MS CARNELL (Chief Minister and Treasurer) (11.07): Mr Speaker, I ask for leave to move nine amendments together.

Leave granted.

MS CARNELL: Mr Speaker, I move:

Page 2, line 11, clause 2, paragraph (4)(d), after "13A,", insert "13AA,".

Page 3, line 29, clause 5, paragraph (c), proposed new definition of "interstate financial institution", at the end of the definition, add ", but does not include a registered financial institution".

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