stampduty

Stamp Duty Exemptions for Small Business

The NSW State Government are making some changes to Stamp Duty on certain insurance products effective 1 January 2018.

What is happening?

From 1 January, small businesses(*) will no longer be required to pay Stamp Duty on some types of insurance, including:

  • Commercial Motor Vehicle– where the motor vehicle is used primarily for business purposes.
  • Occupational Indemnity – covering liability arising out of the provision of professional or other services.
  • Product and Public Liability – covering liability for personal injury or property damage occurring in connection with or arising out of the products and services of a business.
  • Crop and Livestock insurance.

 

* You are a small business for the current year if you carry on a business in the current year; and one or both, of the following applies:

i. you carried on a business in the previous year and your aggregated turnover for that previous year was less than $2million;

ii. your aggregated turnover for the current year is likely to be less than $2million.

As further information comes in, we will keep you updated. If you have any questions about your current policies please feel free to give our office a call.

 

Alicia Thomas

Account Manager | Austbrokers City State

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