Duties Act 2001

This section applies if—

a corporation offers debentures to the public for subscription; and

the corporation is a party to an instrument of trust relating to the debentures; and

a mortgage secures the repayment of debentures issued by the corporation.

Mortgage duty must be assessed on the mortgage for the offer of debentures as if it were a mortgage securing the payment of an amount equal to the total amount of debentures, other than exempt short-term debentures, subscribed for by the public in Queensland from time to time.

On or before 31 July in each year, the trustee under the instrument of trust must—

lodge a statutory declaration stating the total amount subscribed for in Queensland for the corporation’s debentures and exempt short-term debentures in the year ending on the previous 30 June; and

pay to the commissioner mortgage duty on the amount subscribed for in the year for the debentures, other than exempt short-term debentures.

If mortgage duty is paid under subsection (3), the instrument of trust and debentures are not liable to duty under this Act.

In this section, a reference to an amount subscribed for relating to debentures does not include an amount represented by debentures issued on the conversion or renewal of an existing holding of debentures or other marketable securities.