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:
Commercial vehicle insurance (note: must be registered as commercial vehicle)
To receive the exemption, please complete the form below declaring you are a small business. Email the completed declaration to our office on [email protected]
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.