Tasmanian Numbered Acts

DUTIES ACT 2001 (NO. 15 OF 2001) - SECT 149

149. Mortgages over property not wholly within Tasmania

      (1) Duty chargeable in respect of a mortgage over property that is partly within Tasmania and partly outside Tasmania is to be assessed as if the amount secured by it were only the dutiable proportion.

      (2) The dutiable proportion is to be calculated in accordance with the following formula:

"DP" is the dutiable proportion;

"AS" is the amount secured by the mortgage on which duty is charged as at the liability date;

"V" is the value of the property in Tasmania affected by the mortgage;

"T" is the value of all property affected by the mortgage, excluding property within a Territory or outside Australia.

      (3) The dutiable proportion is to be calculated by reference to the values of the properties according to any referrable point specified in subsection (4).

      (4) A referrable point is any of the following prepared within the 12 months preceding the date referred to in section 142(1) or (2):

(a) an independent valuation of the secured property;

(b) a statement of the mortgagee based on information obtained by the mortgagee in determining to make the advance to the mortgagor;

(c) property valuations used by the mortgagor in preparing an annual return to be lodged under the Corporations Law;

(d) financial reports of the mortgagor certified by an independent auditor as presenting a true and fair view of the company's financial position;

(e) agreed valuations for property that form the basis of policies of insurance of the mortgagor;

(f) any other method approved by the Commissioner.

      (5) If there are 2 or more referrable points in relation to a mortgage, the referrable point is the later or latest of those referrable points.

      (6) The referrable point is the same referrable point used or to be used to determine liability to duty at the date referred to in section 142(1) or (2) under a corresponding Act.

      (7) Evidence of the location and percentage value of any property is to be made by either party to the mortgage by way of a statement in a form approved by the Commissioner.

      (8) A mortgage or a statement made under subsection (7) may be endorsed with duty on the basis of evidence contained in the statement.

      (9) If a statement is endorsed under subsection (8), the mortgage may be endorsed at any time –

(a) as being stamped to the amount evidenced by the duty paid on the statement; and

(b) by showing –

(i) the percentage of the property in Tasmania securing the advance; and

(ii) the total amount secured by the mortgage.

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