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House of Assembly - Fifty-First Parliament, Second Session (51-2)
2008-04-09 Daily Xml
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STAMP DUTIES (TRUSTS) AMENDMENT BILL

Second Reading

Adjourned debate on second reading.

(Continued from 5 March 2008. Page 2411.)

Mr GRIFFITHS (Goyder) (12:05): I confirm that I will be the lead speaker for the opposition on this bill and that the Liberal Party supports it in its current format.

Mr Venning interjecting:

Mr GRIFFITHS: The member notes that it is my 20th wedding anniversary today, but it is dedication to the cause that leads me here. This bill was introduced by the Treasurer on 5 March this year, and I am grateful for the fact that I was provided with an opportunity for a briefing with staff from the Department of Treasury and Finance on the 19th. As usual, my requests have been very promptly addressed, and I thank the Treasurer for that support.

The intent of the bill, as I understand it, is to correct some situations that have arisen as a result of High Court cases in the consideration of stamp duty on transfers of unit and property trusts. Some loopholes did exist, and, as part of the briefing, I was advised that the interpretation was that the situation that had previously existed would continue. The 2000 amendments, which created some of the problem, were the result of a High Court case in 1999 involving MSP Nominees Pty Ltd against the Commissioner of Stamps. Since 2000, it has become apparent that the structure of the amendments to the act has led to unintended consequences in relation to two exemptions under that act.

Confirmation was received during the briefing that no consultation was actually undertaken on the loopholes, as it was feared that some exploitation of those loopholes might occur if people were aware of the intention to amend the bill. During the opposition's consideration of this bill, it was noted that it is not normally Liberal Party policy to support retrospective legislation. But, as this legislation is prospective and retrospective and is designed to tighten up some existing loopholes, all members of the opposition are quite comfortable in supporting it.

Advice on the bill was sought from the Crown Solicitor and the Solicitor-General to ensure that this matter is put beyond doubt. I did have some discussions with the Property Council of Australia, which I thought might have some interest in the bill. The council was emailed the bill and the second reading speech but no comments were received. On the basis of the Property Council's support of the bill and on the basis also of the Liberal opposition's consideration and support of the measure, I again confirm my support for the bill in its current format, and express the hope for its speedy progress through the house.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (12:08): I thank the opposition for its support of the bill.

Bill read a second time and taken through its remaining stages.

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