Mortgage duty reduction schedule update
Currently Victoria, Tasmania, ACT and NT have no mortgage duty.
- Queensland and Western Australia will abolish mortgage duty on 1 July 2008.
- In New South Wales, mortgage Duty in respect of investment housing will be abolished from 1 July 2008, followed by the complete abolition of mortgage duty from 1 July 2009 (brought forward from 1 January 2011). NSW Mortgage Duty for the purposes of owner occupied housing was previously abolished.
- South Australia will reduce the rate of mortgage duty from 1 July 2008 to 15 cents per $100 and will abolish the duty on 1 July 2009.
In states where mortgage duty is payable, concessions may apply. Talk to your local Network Law firm for an estimate of duty payable.
Currently each state has special provisions for calculating the duty payable on mortgages or mortgage packages that secure property in more than one jurisdiction. In each state, mortgage duty is only payable on a proportion of the secured advances.
Labels: mortgage duty Australia
