Tax Alert – Australia New South Wales – Changes to Stamp Duty
We can confirm that the Office of State Revenue in New South Wales (NSW) is making various changes to Stamp Duty applicable to insurance from 1st January 2018.
From 1st January 2018 crop and livestock insurance will not be liable to Stamp Duty.
As well as this, small businesses (as defined in section 152-10 1AA of the Income Tax Assessment Act 1997 – for the income year in which the insurance is effected or renewed) will not have to pay Stamp Duty on the following types of insurance:
• Commercial vehicle insurance – for a motor vehicle used primarily for business purposes.
• Commercial aviation insurance – for an aircraft used primarily for business purposes.
• Occupational indemnity insurance – insurance covering liability arising out of the provision by a person of professional services or other services (other than medical indemnity cover within the meaning of the Medical Indemnity Act 2002 of the Commonwealth).
• Product and public liability insurance – insurance covering liability for personal injury of property damage occurring in connection with a business or arising out of the products or services of a business.
At present, you are a small business if you are an individual, partnership, company or trust that:
– is carrying on a business, and
– has an aggregated turnover of less than $2 million.
Detailed State Budget information is available on the Revenue NSW website.
For any further information related to Insurance Premium Tax please do not hesitate to contact us: email@example.com