5836 [ASSEMBLY.] DEATH DUTY BILL They have been calculated to yield the Second Reading average level of revenue which is cur- rently received from assets in estates of THE HON. 3. DOLAN (South-East this nature under the existing law. Metropolitan-Leader of the House) [12.08 am.]: I move- Again, circulated with this Bill Is a small booklet explaining its provisions in detail. That the Bill be now read a second I commend the Bill to the House. time. This is a Bill to enact a new Death Duty Debate adjourned, on motion by The Act. It is complementary to the current Hon. 1. G. Medcalf. Death Duty Assessment Bill. When introducing that measure, I ADJOURNMENT OF THE HOUSE pointed out that it was also proposed to THE BON. 3. DOLAN (South-East repeal the existing Death Duties (Taxing) Metropolitan-Leader of the House) Act and to replace it with a new legislative [12.12 a.m.]: I move- provision. The reason for doing this is That the Howse do now adjourn. that amendments over the years to the current taxing Act have made it extremely I would remind members that the Premier difficult to follow and interpret. It is announced today that It is hoped the always desirable when opportunity presents Parliament will rise on Friday of next to produce an Act which is simple and easy week. The other House will sit on Thurs- to follow. Of course, the current Act will day night of next week, and will continue to apply in cases which require also sit on the Friday. Consequently, it the imposition of duty under its provisions. is obvious that we must do the same. I give The measure now before the House notice to members now-and I will do so provides for the legislation to come into again tomorrow-that we will sit after tea operation on the same day as does the on Thursday of next week, and we will death also sit on the Friday. I have consulted duty assessment legislation. The the Leader of the Opposition and the obvious reason for this is that the two must Leader of the Country Party in respect of operate together. Currently it is planned this, that subject to the approval of the Bills and they have both agreed to this by Parliament, these proposed Acts will be action. brought into operation on and from the Question put and Passed. 1st January, 1974. House adjourned at 12.13 am. (Thursday) In brief, the Bill consists of four tables. These tables set out the rates of duty to be applied to different classes of benefici- aries. Table 1 deals with the closely related Iurgiflaftni Puwrnblq beneficiaries; namely, widows, widowers* children, grandchildren, other issue, and Wednesday, the 5th December, 1973 dependent parents. Under this table the lowest rate of duty is to be imposed. Table 2 deals with the next group of The SPEAKER (Mr. Norton) took the relatives. These are brothers, sisters, and Chair at 2.15 p.m., and read prayers. parents of a deceased person who are not dependent parents. The rates of duty in LOAN BILL this table are to be lower than those Introduction and First Reading which follow but are to be a little higher than the duties to be imposed under table Bill introduced, on motion by Mr. J. T. 1. Also, where table 1 is not to commence Tonkin (Treasurer), and read a first time. until the assets exceed $15,000 in net value, table 2 is to commence at $1,500 net Second Reading value. MR. J. T. TONKIN (Melville-fleas- Table 3 is to apply to persons who are urer) [2.20 p.m.]: I move- strangers in blood and to corporate or un- That the Bill be now read a second incorporated bodies. Again, in this table time. the rates are to be higher than those in A measure of this kind is introduced each the two preceding tables. year to authorise the raising of loans to All of these tables are to contain the provide finance for certain works and same rates as currently apply in the Death services detailed in the Estimates of expen- Duties (Taxing) Act. diture from the General Loan Fund. Table 4 is a new table which is to be As I have already outlined the capital applied to the estates of persons who are works programme for the current year not domiciled in this State at the time when speaking to the Appropriation Bill of their death but hold assets in this (General Loan Fund) I propose to confine State. Members will notice that the rates my remarks to certain aspects of loan of duty here are to be considerably higher. raisings. [Wednesday, 5 December, 19731 536837 The public borrowings of the Australian Western Australia's share of the borrow- and State Governments are co-ordinated ing programme Is $54,600,000 and 'we will by the Australian Loan Council which is receive an amount of $25,800,000 as an in- constituted under the 1927 Financial terest-free capital grant of which the sum Agreement between the Commonwealth of $6,900,000 is being held In reserve to and States. cover the estimated deficit for 1973-74 in the Consolidated Revenue Fund. Details The Loan Council determines the annual of the allocation of the balance of governmental borrowing programmes to- $18,900,000 are shown on pages 46 to 51 gether with the terms and conditions under of the Loan Estimates. which the loans are to be raised. The borrowing programme for semi- Subject to the decisions of the Loan governmental and local authorities raising Council, the Australian Government amounts in excess of $400,000 was fixed at arranges new borrowings, conversions, re- $641,910,000, of which Western Australia newals, and redemptions of existing loans. was allocated $33,200,000. Details of the Under what is known as the "Gentle- allocation of this borrowing authority are men's Agreement", originally entered into set out on page 52 of the Loan Estimates In 1936, the Loan Council also determines and proposed borrowings by State authori- the aggregate annual borrowing pro- ties raising up to $400,000 in 19 73-74 are gramme for semni-governmental and local set out on page 53. authorities raising more than $400,000 in Authority Is being sdught by the Bill now a financial year. Individual loans raised under consideration to raise loans amount- by each of the authorities in this sector arc ing to $66,100,000 for the purposes listed subject to Loan council approval. In the first schedule to the Bill. I should Point out that the new authority does not At present the Loan Council places no necessarily coincide with the estimated ex- overall limit on the borrowing grammes of authorities raising $400,008pro- or penditure for that particular item during less in a financial year. the current year. Unused balances of previous authorisa- For the financial year 1972-73, the Loan tions have been taken into account and in Council approved a borrowing programme the case of works of a continuing nature of $133,500,000 for State works and hous- sufficient new borrowing authority has ing Projects which was financed from- been provided to permit works to be car- ried on for a period of approximately six Cash loans In Australia 564,700,000 months after the close of the financial year. Special bonds in Australia .. 14,200,000 This Is the usual practice and it ensures State domestic raisings. .. 68,400,000 that there Is continuity in the progress of Australian Government's sub- works, pending the passing of next year's scription to a special loan-. 86.200.000 Loan Bill. In addition, the Australian ag)Yernment Details of the condition of the various provided the States with an -interest-free loan authorities are set oat on pages 46 capital grant of $248,500,000 m,hich was to 51 of the Loan Estimates. These pages financed from- also detail the appropriation of loan repay- A ments received in 1972-73. Cash loans in Australia I 184.700.000 Provision for the payment of interest Special bonds in Australia .. 4,400),000 and sinking fund is another important authorisation in the Bill. It charges these overseas loans 27,900,000 payments to the Consolidated Revenue - - Fund and no further appropriation Is re- Treasury notes 26,700,000 quired. from Parliament. Australian Government's sub- 4,800,000 Authority Is also sought to reappropri- scription to a special loan . ate certain authorisations which are no At the June, 1973, meeting ccfthe Loan longer required. The second schedule sets Council, the total States' works programme out the amounts to be reappropriated and for 1913-74 was fixed at $588,~roo,ooo. In the third schedule lists the items to which addition, the AustralianC 3overnment they are to be applied. I commend the agreed to provide $278,300,000 by way of Bill to members. intierest-free capital rants. Debate adjourned, on motion by Sir The reduced programme for 1973-74 Charles Court (Leader of the Opposition). reflects the changed arrangeme nts for ad- vances for welfare housing an di financing Message: Appropriations tertiary education which I expi,ained when Message from the Lieutenant-Governor speaking to the Appropriation Bill (Gen- received and read recommending appropri- eral Loan Fund). ations for the Purposes of the Bill. 5838 [ASSEMBLY.] QUESTIONS (21): ON NOTICE suggested that the Member could 1. obtain details of the proposals, a STATE HOUSING copy of the plans and a timetable COMMISSION from the local authority.