594
In forceMortgage duty on caveats
Chapter 17Repeal, savings and transitional provisions
Part 9Transitional provisions for the Revenue and Other Legislation Amendment Act 2008, part 2, division 2
Division 1Transitional provisions for abolition of mortgage duty
594 Mortgage duty on caveats
(1)
This section applies if—
(a)
before 1 July 2008, mortgage duty was imposed on a mortgage but was not paid; and
(b)
on or after 1 July 2008, a caveat claimed an interest in land or a water allocation under the mortgage.
(2)
On and from 1 July 2008, section 268 continues to apply to impose mortgage duty on the caveat.
(3)
Mortgage duty is imposed on the caveat at the rate applicable at the time the duty was imposed on the mortgage.
This Act’s bill:Explanatory memorandum
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