Page 949 - Week 03 - Thursday, 23 March 2017

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Thursday, 23 March 2017

MADAM SPEAKER (Ms Burch) took the chair at 10 am and asked members to stand in silence and pray or reflect on their responsibilities to the people of the Australian Capital Territory.

London terrorist attack

Statement by Speaker

MADAM SPEAKER: Members, you will be aware that there was an incident at the Westminster parliament overnight. It has been reported that people have lost their lives and many have been injured. Given that only yesterday we hosted six members of the Westminster parliament here at the Assembly, I think it is appropriate that we reflect on these incidents. Thank you, members.

Standing orders—suspension

Motion (by Mr Gentleman) agreed to, with the concurrence of an absolute majority:

That so much of the standing orders be suspended as would prevent the presentation of the Revenue Legislation Amendment Bill 2017 forthwith.

Revenue Legislation Amendment Bill 2017

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

Title read by Clerk.

MR BARR (Kurrajong—Chief Minister, Treasurer, Minister for Economic Development and Minister for Tourism and Major Events) (10.02): I move:

That this bill be agreed to in principle.

Madam Speaker, today I introduce a bill to implement and progress revenue reforms that were announced as part of the last two budgets. The bill contains amendments to the methodology for calculating rates and land tax for residential units. It also completes the abolition of insurance duties in the territory and clarifies the calculation of the uncapped pensioner rates rebate for 2017-18.

The rates and land tax burden differs significantly for houses and units with similar market values. This bill proposes a new formula for calculating rates and land tax for residential units to establish greater equity in the rates and land tax paid between houses and units. The new formula would take effect from 1 July 2017.

The current formula apportions the average unimproved value of the whole parcel of land making up a unit subdivision by the unit entitlement. The effective rating factor is applied to the part of AUV allocated to each unit. The new formula would apply the

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