Victorian Current Acts

DUTIES ACT 2000 - SECT 167

    (1)     Subject to this section, no duty is chargeable under this Chapter on an eligible mortgage.

    (2)     An "eligible mortgage" is—

S. 167(2)(a) amended by No. 18/2023 s. 18.

        (a)     a mortgage given by an eligible cardholder or an eligible first home owner securing an advance used or proposed to be used—

              (i)     for the purchase of an estate in fee simple in land, if he or she is entitled under Division 5 of Part 5 of Chapter 2 to an exemption or concession from duty on the transfer of the land; or

              (ii)     for the construction of a dwelling on that land; or

        (b)     a re-financing mortgage (within the meaning of section 166) in respect of a mortgage referred to in paragraph (a).

    (3)     This section applies only to that part of the amount secured by an eligible mortgage that is used or proposed to be used for the purpose of purchasing the land or the construction of a dwelling on the land.

    (4)     For the purposes of assessing duty in respect of any further advances secured by an eligible mortgage, duty is taken to have been paid on the part of the amount secured that is referred to in subsection (3).

    (5)     If a person—

        (a)     represents to a tax officer that a mortgage is not chargeable with duty, or is chargeable with less duty, because of this section; and

        (b)     is convicted of an offence against section 57 of the Taxation Administration Act 1997 as a consequence—

the person is liable, by way of further penalty, to pay an amount equal to double the amount of duty that, but for the offence, would have been payable, less any amount of duty that the person did pay.

    (6)     The penalty in subsection (5) is in addition to any penalty tax or interest that may be payable under the Taxation Administration Act 1997 .

Chapter 7 Pt 4 (Heading) substituted by No. 46/2001 s. 17.

Part 4—Exemptions