Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 597

597 Reassessment—concessions for home mortgages and first home mortgages

(1) This section applies if—

(a) before 1 July 2008, mortgage duty on a home mortgage was assessed on the basis of a concession under chapter 5, part 6; and

(b) on or after 1 July 2008, one of the events mentioned in section 291(1) happens.

(2) Section 291(2) to (4) applies to enable the commissioner to make a reassessment to impose mortgage duty on the mortgage at the rate applicable at the time that, but for the concession, the liability for mortgage duty would have arisen.