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DUTIES ACT 1997 - SECT 218C
Multi-jurisdictional statement
218C Multi-jurisdictional statement
(1) If mortgage duty is imposed on the dutiable proportion of a mortgage
(whether for a mortgage over property not wholly in New South Wales, a
mortgage package or on initial or subsequent advances), the mortgagor and
mortgagee must, within 3 months after the liability arises-- (a) make a
written statement, in an approved form, about the location and value of the
secured property, and
(b) lodge the statement with the Chief Commissioner.
:
Maximum penalty--100 penalty units.
Note : An offence against subsection (1)
committed by a corporation is an executive liability offence attracting
executive liability for a director or other person involved in the management
of the corporation--see section 121 of the Taxation Administration Act 1996 .
(2) The making and lodging of a statement under subsection (1) by either the
mortgagor or the mortgagee relieves the other person from complying with that
subsection.
(3) The statement may be taken to be the mortgage, or mortgages
comprising the mortgage package.
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