597
In forceReassessment—concessions for home mortgages and first home mortgages
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
597 Reassessment—concessions for home mortgages and first home mortgages
(1)
This section applies if—
(a)
before 1 July 2008, mortgage duty on a home mortgage was assessed on the basis of a concession under chapter 5, part 6; and
(b)
on or after 1 July 2008, one of the events mentioned in section 291(1) happens.
(2)
Section 291(2) to (4) applies to enable the commissioner to make a reassessment to impose mortgage duty on the mortgage at the rate applicable at the time that, but for the concession, the liability for mortgage duty would have arisen.
This Act’s bill:Explanatory memorandum
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