NSW Insurance Duty Exemption
From 1 January 2018 eligible small businesses (generally with less than $2 million turnover) will not be required to pay insurance duty on insurance policies for vehicles used primarily for business purposes.
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.
Or for more information regarding the insurance duty exemption for small businesses, visit our Stamp Duty explained page.