New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 203A

203A Abolition of mortgage duty

(1) Mortgage duty is abolished on and from 1 July 2016 (the
"abolition date" ).

(2) However, mortgage duty remains chargeable, and this Chapter continues to apply, in respect of the following--

(a) a mortgage first executed before the abolition date (including any advances or further advances made in respect of the mortgage before that date),

(b) an instrument of security referred to in section 208 (3) that first affects land in New South Wales before the abolition date,

(c) an instrument of security referred to in section 208 (3A) that first affects relevant property in New South Wales before the abolition date,

(d) an instrument that first becomes a mortgage or evidences the terms of a mortgage, as referred to in section 208 (4), before the abolition date.

(3) A mortgage does not become liable to the additional duty referred to in section 208 (2) in respect of an advance or further advance that is made on or after the abolition date (even if the mortgage was first executed before that date).