NSW Insurance 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 $2million;
- your aggregated turnover for the current year is likely to be less than $2 million
Or for more information regarding the insurance duty exemption for small businesses, visit our Stamp Duty Explained page.