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Legislative Assembly for the ACT: 2003 Week 5 Hansard (6 May) . . Page.. 1593 ..

MR QUINLAN (continuing):

determined rate to the average unimproved value of each rateable property in the ACT. Eligible pensioners will receive a 100 per cent rebate on the levy in proportion to their interest in the property, and ACT Housing properties and those owned by foreign countries will be exempt from the levy.

I am pleased, Mr Speaker, that the longer term recovery effort is well under way. The estimated funding program for 2003-04 and the forward years will be $22.799 million and this levy will contribute almost half of that amount. This includes funding for:

the recovery centre to continue providing a broad range of support services;

specific recovery projects involving direct community action, clean-up, rebuilding and other replacement activities; and

research, planning and teaching projects to prevent a recurrence of the events of January 2003.

In 2003-04, funding will focus on supporting people, rebuilding of government housing and community assets, re-greening of suburbs and surrounding areas and restoring community facilities and infrastructure. Expenditure in the first two years will ensure that essential issues, particularly people needs, are addressed early and quickly.

This initiative, along with government funding programs and the collective effort and actions of all sections of the ACT community, will play an integral role in ensuring that success of the bushfire recovery programs.

Mr Speaker, I commend the Bushfire Reconstruction Levy Bill 2003 to the Assembly.

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

Revenue Legislation Amendment Bill 2003

Mr Quinlan presented the bill and its explanatory statement.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism and Minister for Sport, Racing and Gaming) (3.53): I move:

That this bill be agreed to in principle.

Mr Speaker, the Revenue Legislation Amendment Bill 2003 was developed to implement revenue initiatives announced in the budget of 2003-04. It is an omnibus bill that incorporates changes to the Duties Act in relation to corporate reconstruction concessions and introduces a loan security duty. It also amends the Gaming Machine Act in relation to marginal tax rates for gaming machines.

Presently, companies are exempt from paying duty on a transaction which has arisen as a result of corporate reconstruction. This amendment to the Duties Act will replace the

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