2007-08 State Budget - Duties
Mortgage duty rates are to be reduced from 1 January 2008 in the following manner.
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Stage 1 - 50% abolition on 1 January 2008.
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Stage 2 - 100% abolition on 1 January 2009.
The reduced mortgage duty rate is only intended to apply where a mortgage duty liability arises on or after 1 January 2008. Where a mortgage duty liability arises before 1 January 2008, mortgage duty will be payable at the current rate of 40c for each $100, or part of $100, even where the obligation to pay the duty and lodge any necessary documentation will not arise until on or after 1 January 2008.
The Duties Act 2001 will be amended to reduce the mortgage duty rate to 20c for each $100, or part of $100, of the amount secured by the mortgage, for mortgage duty liabilities that arise on or after 1 January 2008 with no duty payable for mortgage duty liabilities that arise on or after 1 January 2009.
Vehicle registration duty rates will be increased from 1 January 2008 based on the number of cylinders or rotors of a vehicle.
Rates for vehicle registration duty imposed on applications to register a vehicle and applications to transfer a vehicle under the Transport Operations (Road Use Management) Act 1995 will be increased from 1 January 2008 as follows.
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For hybrid vehicles (with any number of cylinders) and electric vehicles the rate will remain unchanged at $2 for each $100 and each part of $100 of the dutiable value of the vehicle;
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For vehicles with one to four cylinders or two rotors and a steam vehicle the rate will be $3 for each $100 and each part of $100 of the dutiable value of the vehicle;
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For vehicles with five or six cylinders or three rotors the rate will be $3.50 for each $100 and each part of $100 of the dutiable value of the vehicle;
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For vehicles with seven or more cylinders the rate will increase to $4 for each $100 and each part of $100 of the dutiable value of the vehicle.
