The Treasurer, Andrew Fraser, when handing down the
2008/2009 Queensland State Budget announced the abolition of
Queensland mortgage duty effective 1 July 2008.
The Revenue & Other Legislation Amendment Bill 2008 was
introduced into the Queensland Parliament on 3 June and it
provides:
|
1. |
Mortgage duty is abolished for mortgages signed on or after 1 July 2008. |
|
2. |
Where a mortgage is signed before 1 July 2008 – mortgage duty is not payable on advances made on or after 1 July 2008. |
|
3. |
Where a mortgage is signed before 1 July 2008 and has been stamped in advance – the mortgagor is entitled to apply for a reassessment of duty paid in relation to the advances not made before 1 July 2008. Applications for refunds of mortgage duty must be made in the approved form and must be lodged together with the mortgage documents by 31 December 2008. |
|
4. |
Where some documents in a mortgage package were signed before 1 July 2008 and a mortgage signed after 1 July 2008 which is intended to be part of the package – duty is assessed as if all of the documents were one mortgage signed on a date the last of the documents were signed before 1 July 2008. Duty would still not apply to advances made under this package on or after 1 July 2008. |
|
Brisbane |
||
|
Brian McPherson |
t (07) 3114 0250 |
|
|
Deborah Bean |
t (07) 3231 1567 |
|
|
Melbourne |
||
|
Peter Nadalin |
t (03) 9252 2577 |
|
|
Danny Moore |
t (03) 9617 8596 |
|
|
Adelaide |
||
|
Paul Lagozzino |
t (08) 8233 0647 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.