58TCredits in respect of non‑Territory stamp duty paid on loan securities

#### 58T Credits in respect of non‑Territory stamp duty paid on loan securities (1) Subject to this section, where: (a) a loan security subjects property to a security; (b) the whole or a part of the property is situated in a State, in the Northern Territory or in an external Territory; and (c) duty is, or but for this subsection, would be, payable in respect of the loan security; the person liable to pay the duty is entitled to a credit of duty in respect of the duty payable on the loan security of an amount equal to the amount of stamp duty paid or payable on the loan security under a law of the State, the Northern Territory or the external Territory, as the case may be. (2) Where a credit of duty is allowable in respect of the duty payable on a loan security, that credit shall not exceed the amount of duty that, before the allowance of that credit, is payable on the loan security. (3) A credit under this section is not allowable to a person in respect of a loan security unless the person gives to the Commissioner, within 12 months after the time when the duty in respect of which the credit is claimed became due and payable, an application in accordance with an approved form, together with such information as the Commissioner requires to enable the Commissioner to determine the amount of the credit. (4) Where a credit is allowable to a person under this section in respect of a loan security: (a) if the whole or any part of the duty payable on the loan security is unpaid—the Commissioner shall apply the credit against that duty; (b) if the person is subject to any other liability to the Commonwealth, being a liability arising under, or by virtue of, an Act of which the Commissioner has the general administration—the Commissioner may apply so much of the credit as has not been applied under paragraph (a) against that liability; and (c) the Commissioner shall refund so much (if any) of the credit as has not been applied under paragraph (a) or (b). (5) Where: (a) but for this subsection, an instrument of the kind referred to in subsection 58M(1) would not be a loan security; and (b) the instrument relates to a loan security that subjects property to a security, the instrument shall be deemed, for the purposes of this section, to be a loan security and to subject that property to a security.