We are pleased to let you know about a change to NSW Stamp Duty that may benefit you.
What’s changing? The NSW Government has created a new small business stamp duty exemption in the Duties Act 1997 (NSW) (the Act) for eligible insurance acquired on or after 1 January 2018.
How does Revenue NSW classify a small business?
A small business individual/ partnership/company and/or trust, which is carrying on a business, and the business has an aggregated turnover of less than $2 million.
(Aggregated turnover is your Australia wide annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you).
What Insurance Policies are applicable for exemption:
- Commercial Vehicle insurance – for a motor vehicle used primarily for business purposes
ALL Business Insurance policies including:
- Professional Indemnity,
- 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 service of, a business.
How do I found out if I qualify?
The simplest way to receive the exemption is to contact firstname.lastname@example.org and request our Stamp Duty Exemption form to be emailed to you. Unless you tell us prior, renewal terms for existing policies will be issued including stamp duty.
If you are looking to save money on your business insurance, please apply online or call us on 1300 787 789.