Duties Act 2001

This section applies in relation to a mortgage mentioned in section 260 or 261 if—

the mortgage was first signed before 1 July 2004 and partly affected property located in Victoria; and

the mortgage was properly stamped or exempt from duty, and mortgage duty was paid for the mortgage before 1 July 2004, under the Duties Act 2000 (Vic), section 161, in relation to an advance made under the mortgage on or after the commencement of this section; and

before 1 July 2004, the mortgage was stamped under section 257(1) and (2) in relation to the advance; and

after the commencement of this section, the duty mentioned in paragraph (b) (the Victorian duty) is refunded because the mortgage is no longer stamped before the advance.

Section 257(1) and (2) are taken not to have authorised the stamping of the mortgage and the commissioner must make a reassessment to impose mortgage duty on the mortgage based on the dutiable proportion at the liability date.

The mortgagor or mortgagee must, within 28 days of the Victorian duty being refunded—

give written notice to the commissioner stating that the Victorian duty has been refunded; and

ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage.

Note—Failure to give the notice is an offence under the Administration Act, section 120.

Compliance with subsection (3) by the mortgagor or mortgagee relieves the other person from complying with the subsection.