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.
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