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Wednesday, 4 December 1985
Page: 2957


Senator REID(9.33) —I move:

Page 5, at the end of clause 8, add the following new sub-clause:

`(2) The amendments made by sections 3, 6 and 7 do not apply to instruments executed before the date of commencement of this section.'.

This amendment and other amendments that will be moved to another Bill relate to the point I made this morning as to the belief that the Australian Capital Territory Stamp Duty Act as drawn is possibly-unintentionally, I hasten to reassert-retrospective in its operation. This amendment and the others which have been circulated in relation to the Taxation Laws Amendment Bill (No. 3) 1985 need to be made in this way to make certain that the legislation is not capable of being interpreted as being retrospective in its operation. This morning I incorporated a paper submitted by the Law Council of Australia in support of this proposition. Perhaps the Minister for Finance (Senator Walsh) would care to respond to the proposal at this stage.