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Legislative Assembly for the ACT: 2001 Week 6 Hansard (13 June) . . Page.. 1669 ..

MR HUMPHRIES (continuing):

Mr Speaker, the Bill I presented to the Assembly today will ensure that the ACT continues to be able to collect duty from shares in companies previously incorporated in the ACT and any new companies taken to be registered in the ACT.

Briefly Mr Speaker, the Bill will-

amend the definitions of "Company" and "Territory company", to pick up the new nexus for imposing duty on shares of a company, where the company is "taken to be registered" in the ACT; and

replace many references to the Corporations Law with new references to the Commonwealth Corporations Act.

Mr Speaker, as the proposed changes to the Duties Act are dependent on the commencement of the Commonwealth legislation, another important feature of the Bill is that its commencement date will be contingent upon the enactment of the new Commonwealth corporations legislation. This will avoid the possibility of an undesirable retrospective operation of a tax law.

Mr Speaker, because of the urgency of these amendments and to avoid the possibility of a retrospective operation of them, I seek the indulgence of members to have these amendments debated in next week's sitting of the Assembly. This is necessary to ensure that the start of these amendments is coordinated with the planned commencement of the new Commonwealth legislation.

In conclusion Mr Speaker, this Bill will ensure that the ACT will continue to have the ability to collect duty on the transfer of shares in ACT companies, and to protect some $5 million in revenue.

Mr Speaker, I commend this Bill to the Assembly.

Debate (on motion by Mr Quinlan ) adjourned to the next sitting.

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