Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 33

(1) Transfer duty is not imposed on a dutiable transaction if--

(a) the transaction is a transfer of dutiable property by way of security; and

(b) the property is not land.

(2) Subsection (3) applies if--

(a) after the transfer by way of security, the transferee, or the transferee's assignee, acquires ownership of the dutiable property free from any interest of the transferor, or transferor's assignee; and

(b) the transferee, or the transferee's assignee, were to newly acquire the dutiable property at the time of the acquisition mentioned in paragraph (a), the acquisition would be a dutiable transaction.

(3) The acquisition of the ownership of the dutiable property by the transferee is taken to be a dutiable transaction and transfer duty imposed on the transaction must be reduced by the amount of mortgage duty, if any, paid on the transfer.