(1) This Chapter does not apply to a mortgage executed before 1 January 1975.
(2) Other instruments that are exempt from payment of mortgage duty are--
(a)
a mortgage created solely for the purpose of providing security in accordance
with a condition imposed on the grant of bail in criminal proceedings, and
(b) a mortgage taken by a non-profit organisation in conjunction with a lease
in respect of which no duty is chargeable under this Act, and
(c) a mortgage
of any ship or vessel, or of any part, interest, share or property of or in
any ship or vessel, and
(d) a mortgage given by the Government of the
Commonwealth or the Government of New South Wales or by any public statutory
body constituted under a law of this State, and
(f) a mortgage under the
Liens on Crops and Wool and Stock Mortgages Act 1898 , and
(g) a
mortgage that secures an amount advanced by an employer or a related body
corporate of an employer to an employee of the employer, for the purpose of
financing a purchase by the employee of shares in the employer, or a related
body corporate of the employer, if the amount advanced (and the total of all
advances that the mortgage secures) does not exceed $16,000.
(3) The
exemption provided by subsection (2) (d) does not apply to a mortgage given by
a public statutory body in relation to a transaction, or any one of a class of
transactions, specified in a proclamation made by the Governor and published
in the Gazette in respect of the public statutory body concerned.
(4) Duty is
not chargeable in respect of a mortgage made or given by--
(5) Duty is not chargeable on
an instrument referred to in section 205 (d) if it is executed for the
purposes of money market trading operations conducted or to be conducted by
the person executing the instrument.
(6) Duty is not chargeable in respect of
a mortgage--
(a) that is taken or is to be taken by the Sydney Futures
Exchange Clearing House or the Options Clearing House Pty. Limited, and
(b)
that is or will be made available to it by a clearing member of the market,
and
(c) that does not secure an advance.
(7) Duty under this Chapter is not
chargeable on a charge over land that is created under an agreement for the
sale or transfer of the land if any part of the deposit or balance of the
purchase price for the land is paid to the vendor (or as the vendor directs)
before completion of the sale or transfer.