In its 2012-2013 Budget the NSW State Government has deferred the total abolition of duty on mortgages in NSW until 1 July 2013. The planned date for abolishing NSW mortgage duty had been 1 July 2012.
The abolition of marketable securities duty on unquoted marketable securities and transfer duty on non-land business assets have also been deferred until 1 July 2013
NSW mortgage duty does not apply to:
- mortgages for owner occupied housing purposes provided the borrowers are natural persons; and
- mortgages which secure an advance or advances made for the purpose of investment housing and no other advances provided the borrowers are natural persons.
Mortgage secured loans (including further advances) for other purposes will continue to be dutiable.
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Posted 15th June 2012 by David Jacobson in Financial Services, Tax