What is the NSW small business exemption?

From 1 January 2018, NSW small businesses will be exempt from paying stamp duty on certain types of insurance.

In order to get the benefit of the exemption:

- The insured must be an eligible small business; and
- You must provide a Declaration to the insurer in an approved form

What is a small business?

Revenue NSW has stated that: “You are a small business if you are an individual, partnership, company or trust that is carrying on a business, and the business has an aggregated turnover of less than $2 million. Aggregated turnover is your annual turnover plus the annual turnovers of any business entities that are you affiliated or are connected with you.”

Which insurance types will the exemption apply to?

This exemption can be applied for NSW small businesses with one of the following insurance types:

DOWNLOAD THE DECLARATION FORM

Applying for an exemption

To receive the exemption, please complete the form below declaring you are a small business. Email the completed declaration to our office on hotline@midlandinsurance.com.au

Please note:
a) This declaration covers all policies issues to you during the financial year ending 30 June 2018
b) If you are uncertain whether you classify as a small business, please do not hesitate to contact us
c) Your Insurer will place reliance on your declaration in charging the applicable insurance duty
d) False declaration may result in penalties of up to $11,000 by Revenue NSW plus the insurance duty not paid and penal interest on the balance.
e) Revenue NSW may also be able to clarify your queries relating to the law and your obligations.
f) If you are a not for profit organisation already entitled to a NSW Stamp Duty Exemption, your premium is already exempt and the NSW Stamp Duty Exemption for Small Business is not relevant.

Midland has expanded our national footprint with new office locations in Sydney and Perth, meanwhile, the Melbourne team have outgrown their office and moved down the road into a larger location. This will allow us to continue to provide our clients with local support and knowledge whilst expanding our operations.

Simon Woods joins us as the current major shareholder and Managing Director of Woods Midland in Perth. Simon is a career general insurance broker and risk management adviser with over 24 years international insurance experience having worked in the Perth, London and Sydney insurance markets.

Simon has extensive business relationships locally, nationally and internationally and he is highly respected and regarded by his clients, peers and colleagues.

While our Sydney, Melbourne and Mornington Peninsula Office are represented by Justin and Damien Lane who are co-directors.  Justin and Damien have accumulated over 30 years of insurance broking experience between them which ensures they have a firm understanding of client needs and the needs of the family business.

Our team has now grown to over 60 broking professionals spread across offices in Melbourne, The Mornington Peninsula, Sydney and Perth.

This is an exciting time to us, and we look forward to continuing to service the insurance needs of businesses with the same high levels of passion and professionalism you our clients currently experience.

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