Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 598

598 Reassessment—concessions for cooperatives

(1) This section applies if—

(a) before 1 July 2008, a mortgage was given to secure an advance to a cooperative registered under the Cooperatives Act 1997; and

(b) mortgage duty was not imposed on the mortgage; and

(c) on or after 1 July 2008, the advance or part of it was used for a noncomplying use within the meaning of section 292(1).

(2) Section 292(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 exemption, the liability for mortgage duty would have arisen.