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
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