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- Start of Business
- QUESTIONS WITHOUT NOTICE
- DISTINGUISHED VISITORS
QUESTIONS WITHOUT NOTICE
Goods and Services Tax: Banking Fees and Charges
(Crean, Simon, MP, Costello, Peter, MP)
(Brough, Mal, MP, Reith, Peter, MP)
Banking Fees and Charges
(Crean, Simon, MP, Howard, John, MP)
Private Health Insurance: Rebate
(Vale, Danna, MP, Wooldridge, Dr Michael, MP)
Private Health Insurance: Dental Services
(Macklin, Jenny, MP, Wooldridge, Dr Michael, MP)
Superannuation: Defence Forces
(Snowdon, Warren, MP, Moore, John, MP)
(Washer, Mal, MP, Ruddock, Philip, MP)
(Andren, Peter, MP, Howard, John, MP)
Asia Pacific Economic Cooperation
(Nugent, Peter, MP, Downer, Alexander, MP)
Taxation Reform: Averaging
(O'Connor, Gavan, MP, Vaile, Mark, MP)
Logging and Woodchipping
(Causley, Ian, MP, Tuckey, Wilson, MP)
Taxation Reform: Mining Industry
(Evans, Martyn, MP, Moore, John, MP)
Goods and Services Tax: Farm Exports
(Lieberman, Lou, MP, Costello, Peter, MP)
- Goods and Services Tax: Banking Fees and Charges
- AUDITOR-GENERAL'S REPORTS
- ANSWERS TO QUESTIONS WITHOUT NOTICE
- MATTERS OF PUBLIC IMPORTANCE
- MAIN COMMITTEE
- MATTERS REFERRED TO MAIN COMMITTEE
- TARIFF PROPOSALS
- GOVERNOR-GENERAL'S SPEECH
- PRIVATE HEALTH INSURANCE INCENTIVES BILL 1998
- Delfram Docking Anniversary
- Internet: Small Business
- Superannuation: Military Benefits Superannuation and Benefits Scheme
- Economy: Government Policy
Member for Bowman
- Beaudesert Shire: Pioneers
- Native Title
Tuesday, 24 November 1998
Mr CREAN —My question is again to the Treasurer. Are you aware that the Assistant Treasurer in the Senate yesterday said, `Financial services in general are input taxed, except where there is clearly a specific fee for service, and the apportionment between those areas can be done in a reasonably straightforward manner'? Doesn't page 96 of this document, which is falling apart in my hands, say, `Other financial services where there is a readily identifiable fee or charge will be taxable?' Will you now categorically rule out charging a GST on the raft of bank fees and charges that have been increasing unchecked over recent months?
Mr Pyne —Mr Speaker, I raise a point of order. Under standing order 146, a question fully answered cannot be renewed, and I would put it to you that the member for Hotham has asked this question twice and was fully answered the first time.
Mr SPEAKER —I thank the member for Sturt.
Mr Melham —You're in the bad books!
Mr SPEAKER —The member for Banks will find himself in even badder books shortly. I thank the member for Sturt for his intervention. I am aware of standing order 146. I considered ruling that question out of order, but I felt it would be appropriate to allow the member for Hotham to ask it once again and for the Treasurer to respond.
Mr COSTELLO (Treasurer) —The first point is that I have learnt in my life to never take the word of the member of the Hotham on anything, whether it be what Senator Kemp said yesterday or otherwise.
Mr McMullan —Try reading the Hansard !
Mr Crean interjecting—
Mr SPEAKER —Order! The member for Hotham has asked his question.
Mr COSTELLO —I think there must have been instructions in the Labor Party caucus to the Labor front bench to lift their game. `Rev it up a bit today,' your leader said, `do better, you had a bad day yesterday.' I repeat again what I said that financial services are input taxed.
Mr Crean —Except where there's a fee.
Mr SPEAKER —Order! The Treasurer has the call.
Mr COSTELLO —I come to page 96 which makes it quite clear that where banks are delivering other services like investment advice, where they charge a fee for those services—as the policy makes clear—then the tax applies to the delivery of that service like it would from a normal investment adviser or like it would in relation to insurance or other non-financial services which are delivered by banks in competition with other areas where the GST applies. In regard to tax policies that are falling apart in hands, the Labor Party had two policies before the election.
Mr Crean —Mr Speaker, I raise a point of order on relevance: is he ruling out these fees? That is the question, Mr Speaker.
Mr SPEAKER —The member for Hotham will resume his seat. I noted the question for obvious reasons. The Treasurer is responding.
Mr COSTELLO —I again say that the financial services will not be taxed in any respect whatsoever. I make it clear that they are input taxed. I say it for the sixth time. As for tax policies that fall apart in hands, before the election the Labor Party had two: one was to put a capital gains tax on everything you owned before 1985, and the other was to increase the tariff on the four-wheel drive. We know one of those policies has fallen apart. Where is the second?