What is the NSW small business stamp duty exemption?
NSW insurance stamp duty is a tax on insurance premiums that is payable when a customer makes a premium payment on their policy. This stamp duty is collected by insurers and paid to Revenue NSW.
The NSW government introduced a small business stamp duty exemption for eligible insurance taken out on or after 1 January 2018. The types of insurance that may be eligible for stamp duty exemption include: commercial vehicle insurance, occupational indemnity insurance, product and public liability insurance and commercial aviation insurance.
Represented by a broker? If you want to make a declaration, you’ll need to contact them directly.
Frequently Asked Questions
What change has the NSW government made to insurance stamp duty legislation?
Following the 2017 NSW Budget, the NSW government created a new small business stamp duty exemption in the Duties Act 1997 (NSW) (the Act) for eligible classes of business insurance effected (including endorsements) or renewed after 1 January 2018.
Can I get a small business stamp duty exemption if I pay by instalments?
Yes. You’ll be able to seek a stamp duty exemption on any policy that is effected or renewed on or after 1 January 2018.
I obtained my insurance through a broker. How do I apply for the stamp duty exemption?
If you’re represented by a broker and want to make a declaration, you’ll need to contact them directly.
Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the general insurer except in respect of life insurance, in which case Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer.