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.
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 your affiliates or are connected with you."
What types of insurance are eligible for the exemption?
The types of insurance that may be eligible include:
When does the exemption apply?
The exemption only applies if the eligible insurance is in a contract effected (new business and variations) or renewed on or after the 1 January 2018.
Instructions for applying for an exemption To receive the exemption, please complete this declaration declaring that you are a small business. Email the completed declaration to The Builder
Instructions for applying for an exemption
To receive the exemption, please complete this declaration declaring that you are a small business. Email the completed declaration to email@example.com
For a policy to be exempt, the insured must be a small business as at the date the policy is effected or renewed and the insurer must have a small business declaration. If an insurer does not have a small business declaration as at the date the policy is effected or renewed then the policy is liable to duty.
Where to get further Information
Visit the Revenue NSW website http://www.revenue.nsw.gov.au/taxes/insurance/exemptions