New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
DUTIES ACT 1997 - SECT 218D
Concession for advances charged with duty under corresponding Acts
218D Concession for advances charged with duty under corresponding Acts
(1) If the total of the amount of ad valorem duty chargeable under this Act in
respect of the amount secured by a mortgage at a liability date and the amount
of duty paid under a corresponding Act in respect of the mortgage exceeds the
maximum duty charge in respect of the mortgage, the amount of ad valorem duty
chargeable on the mortgage at the liability date is to be reduced by the
amount necessary to ensure that the maximum duty charge is not exceeded.
(2)
The
"maximum duty charge" in respect of the mortgage is the amount of ad valorem
duty that would be chargeable in respect of the amount secured by the mortgage
at the liability date if-- (a) it were a single mortgage over property wholly
within New South Wales (that is, disregarding section 216), and
(b) it had
not previously been stamped under this Act for any ad valorem duty.
(3) The
amount of duty paid under a corresponding Act in respect of the mortgage is
the total of all ad valorem duty already paid in respect of the amount secured
by the mortgage under any corresponding Act.
(4) If a mortgage has already
been duly stamped under this Act for an amount of duty, any reduction in the
amount of duty chargeable on the mortgage at the liability date that is made
under section 210 (3) is to be made after making any reduction required by
this section.
(5) To avoid doubt, this section extends to a mortgage package
assessed as a single mortgage.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback