167Eligible mortgages under concession schemes

167 Eligible mortgages under concession schemes (1) Subject to this section, no duty is chargeable under this Chapter on an eligible mortgage. (2) An ***eligible mortgage*** is— S. 167(2)(a) amended by No. 18/2023 s. 18. (a) a mortgage given by an eligible cardholder or an eligible first home owner securing an advance used or proposed to be used— (i) for the purchase of an estate in fee simple in land, if he or she is entitled under Division 5 of Part 5 of Chapter 2 to an exemption or concession from duty on the transfer of the land; or (ii) for the construction of a dwelling on that land; or (b) a re-financing mortgage (within the meaning of section 166) in respect of a mortgage referred to in paragraph (a). (3) This section applies only to that part of the amount secured by an eligible mortgage that is used or proposed to be used for the purpose of purchasing the land or the construction of a dwelling on the land. (4) For the purposes of assessing duty in respect of any further advances secured by an eligible mortgage, duty is taken to have been paid on the part of the amount secured that is referred to in subsection (3). (5) If a person— (a) represents to a tax officer that a mortgage is not chargeable with duty, or is chargeable with less duty, because of this section; and (b) is convicted of an offence against section 57 of the **Taxation Administration Act 1997** as a consequence— the person is liable, by way of further penalty, to pay an amount equal to double the amount of duty that, but for the offence, would have been payable, less any amount of duty that the person did pay. (6) The penalty in subsection (5) is in addition to any penalty tax or interest that may be payable under the **Taxation Administration Act 1997**. Chapter 7 Pt 4 (Heading) substituted by No. 46/2001 s. 17. Part 4—Exemptions 168 Exempt mortgages and supporting instruments (1) This Chapter does not apply to— (a) a mortgage executed before 4 January 1965; or (b) a mortgage that is not chargeable with duty under this Act. (2) Other instruments that are exempt from payment of mortgage duty are— (a) a mortgage made or given by— (i) a registered co-operative society or registered co-operative housing society; or (ii) a body that is permitted to use the expression "credit union" under section 66 of the Banking Act 1959 of the Commonwealth; (b) a mortgage given by a corporation or body of persons incorporated or associated for a religious, charitable or educational purpose; (c) a mortgage or foreign security made or given by— (i) a Government of the Commonwealth or of another State or of a Territory; or (ii) a public statutory authority constituted under the law of Victoria, other than a declared public statutory authority under subsection (3); or (iii) a public statutory authority constituted under the law of the Commonwealth or of another State or of a Territory; or (iv) the Municipal Association of Victoria; (d) a lien on a crop registered under Part VII of the **Instruments Act 1958**; (e) a lien on wool or mortgage of stock registered under Part VIII of the **Instruments Act 1958**; (f) a mortgage given to the Victorian WorkCover Authority; (g) a mortgage given to a recognised institution within the meaning of the **Trustee Act 1958**, being a mortgage of a mortgage or a mortgage by way of deposit of a mortgage. (3) For the purposes of subsection (2)(c)(ii), the Governor in Council, by Order published in the Government Gazette, may declare a public statutory authority constituted under the law of Victoria to be a declared public statutory authority.