Duties Act 2001

Mortgage duty must be assessed for a mortgage over property that is partly in and partly outside Queensland as if the amount secured by it were only the dutiable proportion.

For subsection (1), the dutiable proportion is the proportion of the amount secured by the mortgage on which mortgage duty is imposed that, at the liability date, the value of property in Queensland affected by the mortgage bears to the value of all property affected by it, other than property located outside Australia or in a Territory or in Victoria or Tasmania.

The dutiable proportion must be worked out by reference to the property values according to a referable point.

For subsection (3), a referable point is any of the following prepared in the year before the liability date for the mortgage—

an independent valuation of the secured property;

a statement of the mortgagee based on information obtained by the mortgagee in deciding to make the advance to the mortgagor;

property valuations used by the mortgagor in preparing an annual return to be lodged under the Corporations Act;

a financial report of the mortgagor, certified by an independent auditor as presenting a true and fair view of a corporation’s financial position;

agreed property valuations that form the basis of the mortgagor’s insurance policies;

another document the commissioner considers to be appropriate for working out the dutiable proportion.

However, if there is more than 1 referable point for a mortgage, the referable point is the later or latest of the referable points.

Also, the acceptable referable point must be the same acceptable referable point used to determine liability to duty under a corresponding Act.