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Wednesday, 24 March 1999
Page: 4185

Mr COSTELLO (Treasurer) (11:17 AM) —I move:

That the bill be now read a second time.

This bill sets out special rules needed to ensure a smooth transition from the existing wholesale sales tax applied to wine and luxury cars, to the new wine equalisation and luxury car tax arrangements.

A special goods and services tax credit will be available for sales tax already paid on stock that becomes subject to wine equalisation tax. The bill will also provide that the proposed luxury car tax is not payable on cars sold by retail before 1 July 2000.

Full details of the measures in the bill are contained in the explanatory memorandum circulated to honourable members.

I present the explanatory memorandum, and I commend the bill to the House.

Debate (on motion by Mr Kelvin Thomson) adjourned.