Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of section 16, the amount of mortgage duty chargeable on a mortgage
specified in item 13 of the Second Schedule is calculated, subject to the
exemptions set out in item 7 of the Third Schedule and in this Part, by
applying the rates of duty specified in item 13 to the secured amount in
accordance with this Part.
(2) A mortgage is not
chargeable with any duty other than, subject to section 85A, mortgage
duty.
(3) An instrument,
other than a mortgage, that effects or has an effect on the transfer of an
interest in property as security under or in accordance with a mortgage is not
chargeable with any duty.
(4) A person must not
give effect to, recognise, register or record an instrument to which
subsection (3) applies if mortgage duty is payable on the mortgage
referred to in that subsection and the duty has not been paid.
Penalty: $20 000.
(5)
Subsections (2) and (3) do not apply to, or in relation to, a mortgage or
other instrument if the Commissioner is satisfied that —
(a) the
transfer effected by the mortgage is not intended principally or solely as
security under or in accordance with the mortgage; or
(b) the
transfer effected by the other instrument is not intended principally or
solely as security under or in accordance with a mortgage.
[Section 86 inserted by No. 66 of 2003
s. 79; amended by No. 11 of 2005 s. 27; No. 34 of 2005
s. 9; No. 31 of 2006 s. 8.]