Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 91

91 .         Mortgage over property partly outside WA

        (1)         Mortgage duty chargeable in relation to mortgaged property that is partly in Western Australia and partly outside Western Australia is assessed by applying the appropriate rate of duty to the dutiable proportion of the secured amount worked out in accordance with subsection (2).

        (2)         The dutiable proportion of the secured amount is the amount that bears to the secured amount the same proportion that, at the liability date, the value of the mortgaged property in Western Australia bears to the total value of the mortgaged property (excluding the value of any part of the mortgaged property that is located in the State of Victoria or a Territory or outside Australia).

        (3)         The dutiable proportion must be worked out by reference to the property values according to a referable point.

        (4)         For subsection (3), a referable point is any of the following prepared in the year before the liability date for the mortgage —

            (a)         an independent valuation of the secured property;

            (b)         a statement of the mortgagee based on information obtained by the mortgagee in deciding 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 Act;

            (d)         a financial report of the mortgagor, certified by an independent auditor as presenting a true and fair view of the corporation’s financial position;

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

            (f)         another document the Commissioner considers to be appropriate for working out the dutiable proportion.

        (5)         However, if there is more than one referable point for a mortgage, the referable point is the later or latest of the referable points.

        (6)         Also, the referable point used for the purposes of this Act must be the same as the referable point used to determine liability to mortgage duty under the corresponding Acts of the other jurisdictions in which part of the property is located.

        [Section 91 inserted by No. 66 of 2003 s. 79; amended by No. 12 of 2004 s. 32(1).]