29 June 2004
Abolition of mortgage duty in Victoria
Following the release of the Victorian Government’s Better Business Taxes P1/11/2004ackage, mortgage duty will be abolished in Victoria from 1 July 2004. This means that mortgage duty will not be payable on mortgages and charges executed on or after 1 July 2004.
Mortgage duty will also not be payable on further advances made on mortgages executed before 1 July 2004 where mortgage duty has been paid before 1 July 2004, provided that the advances secured are not greater than the amount stamped.
In relation to mortgages and charges signed before 1 July 2004:
- A duty of $4.00 will be payable if no advances secured by the mortgage or charge are made before 1 July 2004;
- No duty will be payable on advances secured by the mortgage or charge that are made after 1 July 2004; and
- Duty will be payable on advances secured by the mortgage or charge that are made prior to 1 July 2004.
For further information please contact:
T 9242 1493 F 9242 1481
M 0419 204 762
Important: The material in Express law is provided as an early, interim view for general information only and further analysis on the matter may be prepared by AGS. The material should not be relied upon for the purpose of a particular matter. Please contact AGS before any action or decision is taken on the basis of any of the material in this message.