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Legislative Assembly for the ACT: 2002 Week 5 Hansard (9 May) . . Page.. 1390 ..

MR QUINLAN (continuing):

The proposals in this bill amend the Duties Act to give parties to the binding financial agreements, and their children, the same rights under the Duties Act that existed prior to the Family Law Act amendments. This will keep the ACT in line with other jurisdictions who either have or are planning to amend their duties acts to restore the situation that existed prior to the Commonwealth amendment.

To maintain uniformity, the exemption provisions for agreements under the Domestic Relationships Act 1994, and their pursuant transactions, will have the same limitations and conditions as those for the new binding financial agreements under the Family Law Act.

Mr Speaker, the proposals in this bill also address an anomaly in the Duties Act whereby different rates of duty are charged for similar transactions on the termination of personal relationships.

The proposed amendments to this bill will create equitable and uniform duty exemptions for financial and domestic relationship agreements. Pursuant transfers and transactions will also be exempt from duty on the breakdown or termination of marriage or domestic or de facto relationships.

Mr Speaker, I commend the bill to the Assembly.

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

Rates and Land Tax Amendment Bill 2002

Mr Quinlan , pursuant to notice, presented the bill and its explanatory memorandum.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism, Minister for Sport, Racing and Gaming and Minister for Police, Emergency Services and Corrections) (10.51): I move:

That this bill be agreed to in principle.

Mr Speaker, I am pleased to present the Rates and Land Tax Amendment Bill 2002. This bill amends the Rates and Land Tax Act 1926 in order to define the rates liabilities for 2002-2003.

Members will recall the government's intention to cap rates increases to the actual movement in the consumer price index. That policy has been reiterated in my economic statement on 26 June 2001, the government's election policy statement on rating dated 6 July 2001, and my ministerial statement of December 2001. Other rating policies include a review into the establishment of an average unimproved value rates deferment scheme and investigating the provision of a long-term residents' rates rebate package. At this stage I advise members that the review and investigation are being undertaken by the Department of Treasury.

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