Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009



Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

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Tabled paper 1293


Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT




Tabled By Delia Lawrie


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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49 1 July 2008. A three-year time limit will continue to apply to offences that are alleged to have been committed before 1 July 2008; provide a premium interest rate, in addition to the market interest rate, of 8 per cent for a first home owner grant debt and allow the rate of interest that applies to such a debt to fluctuate from year to year in line with movements in market interest rates; and ensure that it is an offence under the First Home Owner Grant Act in all circumstances where materially false or misleading information is provided, and allow a defence where the misleading aspect of the information is identified and corrected to the extent the person can reasonably do so. The following measures are made as a result of the introduction of the new Taxation Administration Act from 1 January 2008. The first two measures will apply from 1 January 2008 as they relate to the operation of the Taxation Administration Act and Stamp Duty Act from that date. The other measures will commence from 1 July 2008. The measures: clarify that any member of a group under a taxation law is jointly and severally liable for the tax of any other group member; reinstate the requirement that a stamp duty exemption is only available on the conveyance of property from a trustee of a non-discretionary trust to a beneficiary of the trust if no valuable consideration is given by the beneficiary for that conveyance; clarify that revenue-related information can be provided to the Northern Territory Police, the Director of Public Prosecutions for the Territory and other Territory law enforcement agencies; excuse a conveyee from the residence requirements of the stamp duty first home owner concession or principal place of residence rebate where there are two or more conveyees and at least one will comply with the residence requirements; and make minor consequential amendments to update references in various Territory laws to terms introduced in the Taxation Administration Act.

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