Page 1459 - Week 05 - Tuesday, 6 May 2008

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It balances recurrent expenditure and capital investments. It balances the imperatives that press upon us today, and the challenges of the future.

The recurrent Budget does not rely on asset sales. Those go towards investments for growth and expansion of productive capacity.

Mr Speaker, the investments I announce today are possible because of our robust economic activity. But they are also possible because of the efficiencies now embedded in the way the Government does business.

This Budget will leave us ready for the future—a future over which we have control, rather than a future we passively let wash over us.

A future we will seize with confidence, rather than simply coping with as best we can.

Mr Speaker, the Government is ready for the future.

I commend this Budget to the Assembly and to the community.

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

Duties Amendment Bill 2008

Mr Stanhope, pursuant to notice, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.

Title read by Clerk.

MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs, Minister for the Environment, Water and Climate Change, Minister for the Arts) (3.45): I move:

That this bill be agreed to in principle.

The Duties Amendment Bill 2008 amends the Duties Act 1999 to abolish duty on the establishment of and changes to trusts over non-dutiable property. The passage of this bill is necessary in order to give effect to a revenue measure introduced in the ACT 2008-09 budget; namely, the removal of a minor tax.

The minor tax removed by the bill is applied under provisions that impose duty on the establishment of and changes to trusts. Currently, $200 or $20 duty is charged on an instrument that declares a trust over non-dutiable property. The most common of these instruments include a family discretionary trust over a small settled amount of money, and an instrument that establishes or varies a superannuation fund.

Duty on the establishment of, or change to, a trust over dutiable property will not change as a result of the bill. A declaration of trust over dutiable property will continue to be liable to duty at the rate applicable to the type of dutiable property over which the trust is declared, for example, land, marketable securities. The related

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