Queensland Numbered Acts

REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2007 No. 29 - SECT 6

Chapter 17--

insert--

'(1) Section 254, 1 as in force on 1 January 2008, applies to a mortgage only if the liability date for the mortgage is on or after 1 January 2008.

'(2) However, section 254, as in force immediately before 1 January 2008, applies to a mortgage if an arrangement was made before 1 January 2008 the sole or main purpose of which was to defer a liability date for the mortgage until 1 January 2008 or later so the rate of mortgage duty under section 254, as in force on or after 1 January 2008, would apply in relation to the liability date.

'(3) Also, a person is not entitled, under a relevant Act or otherwise, to a refund of mortgage duty paid before 1 January 2008 only because a liability date for the mortgage is on or after 1 January 2008.

'(4) In this section--

relevant Act means this Act or the Administration Act.

'(1) This section applies in relation to mortgage duty payable under section 266(3) on the amount subscribed for, in the financial year ending 30 June 2008, for debentures.

'(2) The rate of mortgage duty is--

(a) 40c for each $100, or part of $100, of the amount subscribed for in the period from 1 July 2007 to 31 December 2007; and

(b) 20c for each $100, or part of $100, of the amount subscribed for in the period from 1 January 2008 to 30 June 2008.

'(3) The rate of mortgage duty under subsection (2)(a) applies to an amount subscribed for debentures if an arrangement was made before 1 January 2008 the sole or main purpose of which was to defer the subscription until 1 January 2008 or later so the rate of mortgage duty under subsection (2)(b) would apply in relation to the subscription.

'(1) This section applies in relation to--

(a) mortgage duty imposed under section 268 on a caveat claiming an interest under a mortgage; and

(b) mortgage duty imposed under section 269 on a release of mortgage.

'(2) To the extent an amount of mortgage duty imposed on the relevant mortgage is calculated by reference to the rate under pre-amended section 254, the amount of mortgage duty imposed on the caveat or release is also calculated under pre-amended section 254, even if the caveat or release is effected on or after 1 January 2008.

'(3) In this section--

pre-amended section 254 means section 254 as in force before 1 January 2008.'.