Transfer by way of security—land
32 Transfer by way of security—land
This section applies if the commissioner is satisfied—
there has been a dutiable transaction that is a transfer of dutiable property by way of security (the original transfer); and
the property is land; and
transfer duty has been paid on the transaction; and
the property has been retransferred to the person who transferred it by way of security (the retransfer) or has been transferred to a person to whom the property has been transmitted by death or bankruptcy (also the retransfer).
The commissioner must make a reassessment of transfer duty paid on the original transfer to reduce the duty to the amount that would have been payable if the amount secured by the transfer had been secured by a mortgage for which mortgage duty were imposed.
Transfer duty is not imposed on the dutiable transaction that is the retransfer.
Subsection (2) applies to the reassessment despite the limitation period under the Administration Act for reassessments.
Note—See the Administration Act, part 3 (Assessments of tax), division 3 (Reassessments).
This Act’s bill:Explanatory memorandum
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