❓ Mr Masters questions the Treasurer about the alleged impact of a change in state revenue policy on the establishment of a community bank in Dunsborough. The Treasurer explains the policy change and its ineligibility for relief due to an existing bank presence.
AnsweredQoN 1288Legislative Assembly
QuestionView source ↗
(1) Is the Treasurer aware that, in a media statement dated 18 November 2001, the Dunsborough Community Bank Steering Committee, in part, blamed the Western Australia Government for the failure of Bendigo Bank to proceed with a community bank at Dunsborough, stating: ‘....but the recent change in policy by State Revenue worked against the success of the venture. In the past stamp duty upon transferring accounts to new financial institutions had (been) waived but this support has recently been withdrawn and significantly increased the costs to the bank customers transferring accounts’?
(2) Why has the Government changed the policy in this way?
(3) Will the government amend its policy so as not to disadvantage proposals to set up new community banks and, if not, why not?
(2) Why has the Government changed the policy in this way?
(3) Will the government amend its policy so as not to disadvantage proposals to set up new community banks and, if not, why not?
AnswerView source ↗
Answered
19 February 2002
Response time
84 days
The scheme also provided for relief from Financial Institutions Duty (FID). However, FID was abolished from 1 July 2001 as part of the national tax reform arrangements. I have been advised that BankWest operates a "Customer Service Centre" in Dunsborough, and that this centre provides full branch facilities and operates normal banking hours. Given the existence of this banking presence, transfers of accounts to a community bank in Dunsborough would not have been eligible for relief under the existing scheme.
I have been advised that BankWest operates a "Customer Service Centre" in Dunsborough, and that this centre provides full branch facilities and operates normal banking hours. Given the existence of this banking presence, transfers of accounts to a community bank in Dunsborough would not have been eligible for relief under the existing scheme.
I have been advised that BankWest operates a "Customer Service Centre" in Dunsborough, and that this centre provides full branch facilities and operates normal banking hours. Given the existence of this banking presence, transfers of accounts to a community bank in Dunsborough would not have been eligible for relief under the existing scheme.
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