Express law No. 02

29 June 2004

Abolition of mortgage duty in Victoria

Following the release
of the Victorian Government's
Better Business Taxes P1/11/2004ackage, mortgage duty will
be abolished in Victoria from 1 July 2004. This means that
mortgage duty will not be payable on mortgages and charges
executed on or after 1 July 2004.

Mortgage duty will also
not be payable on further advances made on mortgages executed
before 1 July 2004 where mortgage
duty has been paid before 1 July 2004, provided that the
advances secured are not greater than the amount stamped.

In
relation to mortgages and charges signed before 1 July
2004:

  • A duty of $4.00 will be payable
    if no advances secured by the mortgage or charge are
    made before 1 July 2004;
  • No duty will be
    payable on advances secured by the mortgage or charge
    that are made after 1 July 2004; and
  • Duty
    will be payable on advances secured by the mortgage
    or charge that are made prior to 1 July 2004.

For further
information please contact:

Teresa Miraglia
Senior Lawyer
T 9242 1493 F 9242 1481
M 0419 204 762
teresa.miraglia@ags.gov.au

Important: The material in Express
law is provided as an early, interim view for general
information only and further
analysis on the matter may be prepared by AGS. The material
should not be relied upon for the purpose of a particular
matter. Please contact AGS before any action or decision
is taken on the basis of any of the material in this message.