❓ Ms. Saffioti questions the Minister for Small Business about the impact of deferring the abolition of transfer duty on non-real business assets, particularly on small businesses. The Minister acknowledges the question but requests more notice and promises to provide a breakdown of the figures later.
AnsweredQoN 193Legislative Assembly
QuestionView source ↗
TRANSFER
DUTY — INTANGIBLE ASSETS
193. Ms R. SAFFIOTI to the Minister for Small Business:
I refer to the Treasurer's recent decision to defer
the abolition of transfer duty on non-real business assets.
(1) What will be the impact on small business of this
decision?
(2) Of the
$120 million annual value of this tax, how much will continue to be paid by the
small business sector?
(3) Did the
minister make representations to the Treasurer that this tax would adversely
affect small business?
(4) When was she advised of this broken promise?
DUTY — INTANGIBLE ASSETS
193. Ms R. SAFFIOTI to the Minister for Small Business:
I refer to the Treasurer's recent decision to defer
the abolition of transfer duty on non-real business assets.
(1) What will be the impact on small business of this
decision?
(2) Of the
$120 million annual value of this tax, how much will continue to be paid by the
small business sector?
(3) Did the
minister make representations to the Treasurer that this tax would adversely
affect small business?
(4) When was she advised of this broken promise?
AnswerView source ↗
I thank the member for the question.
(1)–(4) I would have appreciated some more notice of
the question because I could have given her —
Several members interjected.
The SPEAKER : Members!
Dr
A.D. Buti interjected.
The
SPEAKER : Member for Armadale!
Mrs
L.M. HARVEY : The duty on the transfer of intangible assets applies to all
businesses in the state, so to get a breakdown of the figures that would apply
to small businesses, depending on the definition of small business —
Mrs
M.H. Roberts : Being the minister, one would think you might have done that.
Mrs L.M. HARVEY :
Some small businesses are quantified by the number of employees, some surveys
quantify small businesses by the amount of turnover they make, so the amount of
duty payable on the transfer of assets when the business is sold varies
considerably.
Mr B.S. Wyatt interjected.
The
SPEAKER : Member for Victoria Park, I call you to order for the first
time. There will be plenty of time to ask further questions, so I suggest you
bide your time.
Mrs L.M. HARVEY : Thank
you, Mr Speaker.
I will undertake to determine from the way Treasury
calculates and analyses the duty payable on the transfer of those intangible
assets how much would be apportioned to small business and how much would be
apportioned to medium and larger businesses. I will endeavour to get that
information to the member.
(1)–(4) I would have appreciated some more notice of
the question because I could have given her —
Several members interjected.
The SPEAKER : Members!
Dr
A.D. Buti interjected.
The
SPEAKER : Member for Armadale!
Mrs
L.M. HARVEY : The duty on the transfer of intangible assets applies to all
businesses in the state, so to get a breakdown of the figures that would apply
to small businesses, depending on the definition of small business —
Mrs
M.H. Roberts : Being the minister, one would think you might have done that.
Mrs L.M. HARVEY :
Some small businesses are quantified by the number of employees, some surveys
quantify small businesses by the amount of turnover they make, so the amount of
duty payable on the transfer of assets when the business is sold varies
considerably.
Mr B.S. Wyatt interjected.
The
SPEAKER : Member for Victoria Park, I call you to order for the first
time. There will be plenty of time to ask further questions, so I suggest you
bide your time.
Mrs L.M. HARVEY : Thank
you, Mr Speaker.
I will undertake to determine from the way Treasury
calculates and analyses the duty payable on the transfer of those intangible
assets how much would be apportioned to small business and how much would be
apportioned to medium and larger businesses. I will endeavour to get that
information to the member.
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