sec.291Reassessment—concession under pt 6

### sec.291 Reassessment—concession under pt 6 This section applies if mortgage duty on a home mortgage is assessed on the basis of a concession under part 6 and one of the following events happen other than because of an intervening event— before the occupation date for the residence, the home borrower disposes of the residential land under section 154 (2) ; the home borrower’s occupation date for the residence is not within the prescribed period after the later of the transfer date for the land or when the mortgage was first signed; in the year following the home borrower’s occupation date for the residence, the home borrower disposes of the residential land by— transferring part or all of it; or leasing or otherwise granting exclusive possession of part or all of it to another person. For subsection (1) (a) or (c) , a home borrower does not dispose of land if— the home borrower transfers part of the land to the home borrower’s spouse; and the transfer is exempt from duty under section 151 . Also, for subsection (1) (a) or (c) , a home borrower does not dispose of land that is an accommodation unit in a retirement village only by entering into a retirement village leasing arrangement for the unit. For subsection (1) (b) , the prescribed period is— for a home mortgage given over residential land on which a residence is constructed—1 year; or for a home mortgage given over residential land on which a residence is to be constructed—2 years. Within 28 days after the event happens, each home borrower under the mortgage must— give notice in the approved form to the commissioner; and ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage. Failure to give the notice is an offence under the Administration Act , section 120 . If subsection (1) (a) or (b) applies, the commissioner must make a reassessment to impose mortgage duty on the mortgage as if the concession for mortgage duty had never applied. If subsection (1) (c) applies, the commissioner must make a reassessment to impose further mortgage duty on the mortgage worked out using the following formula— where— C means the concession received by the home borrower, being the difference between the mortgage duty that would have been imposed on the home mortgage if the concession had not applied and the mortgage duty assessed on the mortgage. MD means the further mortgage duty payable on the reassessment. OD means the number of days between the home borrower’s occupation date for the residence and the date of disposal of the residential land, both days inclusive. If— under subsection (1A) , this section does not apply to a home borrower’s transfer of part of the land to the home borrower’s spouse; and under subsection (1) (a) or (c) , the home borrower later disposes of the land or part of it; this section applies to the later disposal as if the home borrower had not transferred the part of the land to the home borrower’s spouse. s 291 amd 2002 No. 65 s 28 ; 2006 No. 44 s 46 ; 2008 No. 75 ss 8 (retro), 41 (sec.291-ssec.1) This section applies if mortgage duty on a home mortgage is assessed on the basis of a concession under part 6 and one of the following events happen other than because of an intervening event— before the occupation date for the residence, the home borrower disposes of the residential land under section 154 (2) ; the home borrower’s occupation date for the residence is not within the prescribed period after the later of the transfer date for the land or when the mortgage was first signed; in the year following the home borrower’s occupation date for the residence, the home borrower disposes of the residential land by— transferring part or all of it; or leasing or otherwise granting exclusive possession of part or all of it to another person. (sec.291-ssec.1A) For subsection (1) (a) or (c) , a home borrower does not dispose of land if— the home borrower transfers part of the land to the home borrower’s spouse; and the transfer is exempt from duty under section 151 . (sec.291-ssec.1AB) Also, for subsection (1) (a) or (c) , a home borrower does not dispose of land that is an accommodation unit in a retirement village only by entering into a retirement village leasing arrangement for the unit. (sec.291-ssec.1B) For subsection (1) (b) , the prescribed period is— for a home mortgage given over residential land on which a residence is constructed—1 year; or for a home mortgage given over residential land on which a residence is to be constructed—2 years. (sec.291-ssec.2) Within 28 days after the event happens, each home borrower under the mortgage must— give notice in the approved form to the commissioner; and ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage. Failure to give the notice is an offence under the Administration Act , section 120 . (sec.291-ssec.3) If subsection (1) (a) or (b) applies, the commissioner must make a reassessment to impose mortgage duty on the mortgage as if the concession for mortgage duty had never applied. (sec.291-ssec.4) If subsection (1) (c) applies, the commissioner must make a reassessment to impose further mortgage duty on the mortgage worked out using the following formula— where— C means the concession received by the home borrower, being the difference between the mortgage duty that would have been imposed on the home mortgage if the concession had not applied and the mortgage duty assessed on the mortgage. MD means the further mortgage duty payable on the reassessment. OD means the number of days between the home borrower’s occupation date for the residence and the date of disposal of the residential land, both days inclusive. (sec.291-ssec.5) If— under subsection (1A) , this section does not apply to a home borrower’s transfer of part of the land to the home borrower’s spouse; and under subsection (1) (a) or (c) , the home borrower later disposes of the land or part of it; this section applies to the later disposal as if the home borrower had not transferred the part of the land to the home borrower’s spouse. - (a) before the occupation date for the residence, the home borrower disposes of the residential land under section 154 (2) ; - (b) the home borrower’s occupation date for the residence is not within the prescribed period after the later of the transfer date for the land or when the mortgage was first signed; - (c) in the year following the home borrower’s occupation date for the residence, the home borrower disposes of the residential land by— (i) transferring part or all of it; or (ii) leasing or otherwise granting exclusive possession of part or all of it to another person. - (i) transferring part or all of it; or - (ii) leasing or otherwise granting exclusive possession of part or all of it to another person. - (i) transferring part or all of it; or - (ii) leasing or otherwise granting exclusive possession of part or all of it to another person. - (a) the home borrower transfers part of the land to the home borrower’s spouse; and - (b) the transfer is exempt from duty under section 151 . - (a) for a home mortgage given over residential land on which a residence is constructed—1 year; or - (b) for a home mortgage given over residential land on which a residence is to be constructed—2 years. - (a) give notice in the approved form to the commissioner; and - (b) ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage. - (a) under subsection (1A) , this section does not apply to a home borrower’s transfer of part of the land to the home borrower’s spouse; and - (b) under subsection (1) (a) or (c) , the home borrower later disposes of the land or part of it;