Duties Act 1997

The amendments made to Chapter 7 by the State Revenue Legislation Further Amendment Act 2009 apply to the assessment of duty in respect of the following—

a mortgage first executed on or after 1 July 2009 or that first becomes liable to duty as a mortgage on or after 1 July 2009,

an instrument of security that first affects property in New South Wales on or after 1 July 2009 (whether or not the instrument of security was first executed before that date).

The amendments made to Chapter 7 by the State Revenue Legislation Further Amendment Act 2009 extend to the assessment of duty in respect of a mortgage first executed before 1 July 2009 or that first became liable to duty as a mortgage before 1 July 2009 if an advance or further advance is made on or after 1 July 2009 that is secured by the mortgage.

Any increase in the amount of advances recoverable under a mortgage first executed before 1 July 2009 is taken to be a further advance for the amount of the increase.

A mortgage with a liability date occurring on or after 1 July 2009 may be assessed as part of the same mortgage package as other mortgages or instruments of security, in accordance with the amendments to Chapter 7, even if one or more of the other mortgages or instruments of security were first executed before 1 July 2009.

The amendments do not affect the assessment of duty in respect of a liability date occurring before 1 July 2009.