NSW insurance stamp duty exemption
From 1 January 2018, eligible small businesses (generally with less than $2 million turnover) will not be required to pay duty on certain types of insurance, including:
- Commercial vehicle insurance – for a motor vehicle used primarily for business purposes
- Occupational indemnity insurance (or professional indemnity) – covering liability arising out of the provision of professional or other services (other than medical indemnity insurance)
- Product and public liability insurance – insurance covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business.
What is a small business?
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:
- you carried on a business in the previous year and your aggregated turnover for that previous year was less than $2 million
- your aggregated turnover for the current year is likely to be less than $2 million.
Call us on 132 481 to declare your exemption.
Or for more information regarding the insurance duty exemption for small businesses, visit our Stamp duty explained page.