Budget Paper No.2 Fiscal and Economic Outlook 2008-2009
Tabled paper 1293
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
2008-05-06
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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https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/283912
https://hdl.handle.net/10070/410393
75 the conveyance of property between partners of a de facto relationship on the breakdown of the relationship; and property transferred to public benevolent institutions, religious institutions, public hospitals and public education institutions for a purpose other than the carrying on of a commercial activity conducted by or on behalf of the entity. The estimated tax expenditure for these concessions is based on actual historical data collected in relation to the various exemptions that have been granted and how these relate to overall conveyance stamp duty collections. Stamp Duty on General Insurance Policies 2008-09 2009-10 2010-11 2011-12 Tax Expenditure ($M) 15.0 15.5 15.9 16.4 The benchmark tax base is assumed to be all classes of general insurance policies. This does not include life insurance policies, which are treated differently for stamp duty purposes. The benchmark tax rate is assumed to be the stamp duty rate that will apply in 2008-09, being 10 per cent of the premium. The estimated tax expenditure reported above comprises the following items. An exemption is provided for workers compensation insurance to help reduce labour on-costs. This item of tax expenditure has been estimated using total work health insurance policy premiums paid during past years and how these compare to total payroll data of employers in the Northern Territory. An exemption is provided for private health insurance to help reduce the cost of such insurance. The estimated tax expenditure for this exemption is based on private health insurance premium data obtained from the Private Health Insurance Administration Council. Motor Vehicle Registration Fees 2008-09 2009-10 2010-11 2011-12 Tax Expenditure ($M) 0.8 0.9 0.9 0.9 The holder of a Pensioner Vehicle Concession Card is able to receive a flat $104 concession from motor vehicle registration fees. This is the estimated tax expenditure reported above. Actual historical motor vehicle registration fee data has been used to estimate this item of tax expenditure. Mineral Royalties 2008-09 2009-10 2010-11 2011-12 Tax Expenditure ($M) 0.5 0.5 0.5 0.5 The benchmark tax base is assumed to be all profitable mining operations in the Northern Territory. The benchmark tax rate is assumed to be the rate of royalty that will apply in 200809, being 18 per cent. The estimated tax expenditure reported above comprises the following item. Workers Compensation Insurance Exemption Private Health Insurance Exemption