From 1 January 2018 certain types of insurance products are exempt from stamp duty levies for small businesses in New South Wales.
Am I a small Business? You are a small business if you are an individual, partnerships, company or trust that is carrying on a business, and has an aggregated turnover of less than $2million. Aggregated turnover is your annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you.
What Insurance products does this exemption apply to? Commercial vehicle insurance Commercial aviation insurance Occupational indemnity insurance Product and public liability
Do I qualify for this exemption? For a policy to be exempt, the insured must be a small business as at the date the policy is incepted or renewed, the policy must incept or renew on or after the 1 January 2018 and the insurer must have a small business declaration. If you are a Not for Profit organisation or charity you may not be eligible for the NSW small business grant. However, these types of organisations have a separate exemption which you may be eligible for.
If you are unsure if your organisation qualifies for a NSW Stamp Duty exemption, or if you have any further questions, please call one of our friendly staff for assistance (02) 8311 3421
How do I apply for the exemption? Contact us @ firstname.lastname@example.org or (02)8311 3421