South Australian Consolidated Acts

STAMP DUTIES ACT 1923 - SECT 60C

60C—Refund of duty on reconveyance of property subject to a common law mortgage

        (1)         If—

            (a)         ad valorem duty is paid on a conveyance of property (the "prior conveyance"); and

            (b)         the sole purpose of the conveyance is to secure a liability under a loan, indemnity or guarantee; and

            (c)         a conveyance (the "later conveyance") reconveys the property to the person by whom the security was given under the terms of the security or on extinguishment or termination of the secured liability,

this section applies to the later conveyance.

        (2)         If the Commissioner is satisfied that a conveyance is one to which this section applies—

            (a)         no stamp duty is payable on the conveyance; and

            (b)         the Commissioner must, on application by the person to whom the property is reconveyed, refund the duty paid on the prior conveyance.