❓ A parliamentary question seeks details on revenue expected from closing a stamp duty loophole, the timeline for legislation, and when the minister was first advised of the avoidance. The Attorney General provides answers on behalf of the Minister assisting the Treasurer.
AnsweredQoN 123Legislative Council
Asked
6 September 2000
Member
Portfolio
Attorney General representing the Minister assisting the Treasurer
QuestionView source ↗
Some notice of this question has been given. I refer to a media statement from the Minister assisting the Treasurer released on Thursday, 10 August 2000, which claimed that a state tax loophole that has let big business avoid millions of dollars in stamp duty on property deals has been closed. (1) What additional revenue is expected to be collected as a result of this action in 2000-01, 2001-02, 2002-03 and 2003-04? (2) When is the legislation that closes this loophole expected to brought into the Parliament? (3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS
AnswerView source ↗
(1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(1) What additional revenue is expected to be collected as a result of this action in 2000-01, 2001-02, 2002-03 and 2003-04? (2) When is the legislation that closes this loophole expected to brought into the Parliament? (3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(2) When is the legislation that closes this loophole expected to brought into the Parliament? (3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(1) What additional revenue is expected to be collected as a result of this action in 2000-01, 2001-02, 2002-03 and 2003-04? (2) When is the legislation that closes this loophole expected to brought into the Parliament? (3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(2) When is the legislation that closes this loophole expected to brought into the Parliament? (3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(3) On what date was the minister first given the advice of the possible avoidance? Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
Hon PETER FOSS replied: (1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(1) The State Revenue Department has advised that, based on avoidance detected to date, it is anticipated that additional duty in the order of $35m in a full year could result from the proposed amendments. However, that figure could vary significantly from year to year due to fluctuations in economic activity influencing the level and value of transactions. (2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(2) The legislation will be introduced in the Legislative Assembly as soon as the Government is confident that the amendments are in a form that will effectively deal with the problems at hand. It is intended that the legislation will operate with effect from 10 August 2000, the date of the ministerial statement to the Legislative Assembly by the Minister assisting the Treasurer. (3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
(3) The minister was first provided advice on this matter by the Acting Commissioner of State Revenue on 4 July 2000.
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