Imposition of duty
204 Imposition of duty
This Chapter charges duty on instruments that fall within the definition of a mortgage. Duty chargeable under this Chapter is called mortgage duty.
Notes.
Mortgage duty is calculated, in most cases, according to “the amount secured by the mortgage”. Contingent liabilities may also be included. This is dealt with in Part 2.
Ad valorem duty is only chargeable on one of a package of mortgages securing the same advance. This is dealt with in section 214.
Provision is also made for the apportionment, for duty purposes, of the amount secured by any mortgage over property in different Australian jurisdictions. This is dealt with in section 216.
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