DUTIES ACT 2001 - SECT 534 Credit allowed for particular agreements for mortgage

DUTIES ACT 2001 - SECT 534

534 Credit allowed for particular agreements for mortgage

(1) Subsection (2) applies if—

(a) before the commencement day, stamp duty under the repealed Act was paid on an agreement to grant a mortgage; and

(b) under the agreement, a mortgage as defined in section 248 is first signed on or after the commencement day.

(2) For assessing mortgage duty imposed on the mortgage, a credit must be allowed for stamp duty paid on the agreement to grant the mortgage.