Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 32

32 Transfer by way of security—land

(1) This section applies if the commissioner is satisfied—

(a) there has been a dutiable transaction that is a transfer of dutiable property by way of security (the
"original transfer" ); and

(b) the property is land; and

(c) transfer duty has been paid on the transaction; and

(d) the property has been retransferred to the person who transferred it by way of security (the
"retransfer" ) or has been transferred to a person to whom the property has been transmitted by death or bankruptcy (also the
"retransfer" ).

(2) The commissioner must make a reassessment of transfer duty paid on the original transfer to reduce the duty to the amount that would have been payable if the amount secured by the transfer had been secured by a mortgage for which mortgage duty were imposed.

(3) Transfer duty is not imposed on the dutiable transaction that is the retransfer.

(4) Subsection (2) applies to the reassessment despite the limitation period under the Administration Act for reassessments.

Note—

See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments).