DUTIES ACT 2001 - SECT 585 Mortgage duty associated with debenture subscriptions in financial year ending 30 June 2008

DUTIES ACT 2001 - SECT 585

585 Mortgage duty associated with debenture subscriptions in financial year ending 30 June 2008

(1) This section applies in relation to mortgage duty payable under section 266(3) on the amount subscribed for, in the financial year ending 30 June 2008, for debentures.

(2) The rate of mortgage duty is—

(a) 40c for each $100, or part of $100, of the amount subscribed for in the period from 1 July 2007 to 31 December 2007; and

(b) 20c for each $100, or part of $100, of the amount subscribed for in the period from 1 January 2008 to 30 June 2008.

(3) The rate of mortgage duty under subsection (2)(a) applies to an amount subscribed for debentures if an arrangement was made before 1 January 2008 the sole or main purpose of which was to defer the subscription until 1 January 2008 or later so the rate of mortgage duty under subsection (2)(b) would apply in relation to the subscription.