New stamp duty exemption on business insurance for eligible small business entities in NSW

From 1 January 2018 eligible small business entities are exempt from stamp duty on certain types of insurances in NSW. The exemption applies to the following types of business insurance:

  • commercial vehicle insurance;
  • commercial aviation insurance;
  • occupational indemnity insurance; and
  • product and public liability insurance.

To obtain the benefit of this exemption, business entities will need to advise their insurer or broker that they are eligible (using a declaration form provided by the insurer) prior to renewing or commencing an insurance policy.

To be eligible the entity must be carrying on a business and be likely to have aggregated turnover in the current year of less than $2 million. In calculating aggregated turnover, the turnover of any connected entities and affiliates must be included. Determining eligibility may not always be a straightforward exercise and care must be taken as penalties and interest may apply if an incorrect claim is made.

For more information on the stamp duty exemption please visit Revenue NSW’s website.

They have a set of frequently asked questions that you may find useful.

 

 

Recent Articles

Inspiring Women Series

29th July 2021

An Interview Preview - with more to come! Roberts & Morrow are delighted to welcome Bernadette Garratt to our ‘Inspiring... Read More

ATO turns its attention to crypto

29th July 2021

Individuals and businesses trading in cryptocurrency and non-fungible tokens beware, the ATO is cracking down on those, not including... Read More

Employers beware: increase in super guarantee

29th July 2021

From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%, businesses using manual payroll processes... Read More

Workplace giving vs salary sacrifice donations

29th July 2021

Have you made a donation either through workplace giving or salary sacrifice arrangements with your employer? If so, and... Read More