New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 203A

203A Abolition of mortgage duty-effective 1 July 2012

(1) Mortgage duty is abolished on and from 1 July 2012.

(2) However, mortgage duty remains chargeable, and this Chapter continues to apply, in respect of the following:

(a) a mortgage first executed before 1 July 2012 (including any advances or further advances made in respect of the mortgage before that date),

(b) an instrument of security referred to in section 208 (3) that first affects land in New South Wales before 1 July 2012,

(c) an instrument of security referred to in section 208 (3A) that first affects relevant property in New South Wales before 1 July 2012,

(d) an instrument that first becomes a mortgage or evidences the terms of a mortgage, as referred to in section 208 (4), before 1 July 2012.

(3) A mortgage does not become liable to the additional duty referred to in section 208 (2) in respect of an advance or further advance that is made on or after 1 July 2012 (even if the mortgage was first executed before that date).