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Wednesday, 11 October 1972
Page: 1455


Senator WILKINSON (Western Australia) - I suggest to the Minister for Civil Aviation (Senator Cotton) that, as this Bill, the Australian Capital Territory Tax (Purchases of Marketable Securities) Bill and the Australian Capital Territory Stamp Duty Bill are short measures, we might consider them at the one time.


Senator Cotton - That suggestion is accepted.

The ACTING DEPUTY PRESIDENT (Senator Laucke) - There being no objection, the Chair will allow that course to be followed.


Senator WILKINSON - We will get through these Bills very quickly. I wanted to have them dealt with together because they are closely related. Until recent years the Australian Capital Territory has been a tax haven as far as sales tax, purchase tax and stamp duty are concerned. Only a few years ago it was brought into line with the States. Since that time the .States have changed the rates at which they impose stamp duty and tax on sales and purchases of marketable securities. The 3 Bills have the sole purpose of bringing the legislation which applies in the Australian Capital Territory into line with that which applies in the States.

The first Bill is the Australian Capital Territory Tax (Sales of Marketable Securities) Bill. In effect it changes the rate of stamp duty payable on smaller sales of marketable securities from 5c to 7c and on larger sales from 20c to 30c. This brings the rates in the Australian Capital Territory into line with the rates in the States.

The second Bill is the Australian Capital Territory Tax (Purchases of Marketable Securities) Bill. It deals with the other side of the transaction. It does precisely the same thing. The 2 Bills impose a minimum rate of stamp duty payable by a buyer or a purchaser and have the effect of imposing stamp duty on transactions involving marketable securities. The third Bill is the Australian Capital Territory Stamp Duty Bill (No. 2). This seeks to bring about an alteration to the First Schedule of the Act by omitting '5c' and inserting in its stead 15c' for each $25 of the value of the securities. The present rate is 5c for each SI 2.50. The subsequent clause in the Schedule, clause 4, effectively completes the legislation.

The Opposition will not oppose these Bills. They are purely machinery measures. I do not think the people in the Australian Capital Territory will be as happy as they would have been if the situation were left as it is, but one part of Australia cannot impose a rate different to that imposed by the States. The Opposition does not oppose these Bills.







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