NSW Small Business Stamp Duty Exemptions Announced 05/12/2017
From 1 January 2018, small businesses in NSW will be exempt from paying stamp duty on certain types of insurance.
Am I eligible?
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.”
Which insurance types will the exemption apply to?
This exemption can be applied for small businesses with one of the following insurance types:
- Commercial vehicle insurance, for a motor vehicle that is used primarily for business purposes.
- Commercial aviation insurance for an aircraft that is used primarily for business purposes.
- Occupational indemnity insurance (including professional indemnity) covering liability arising out of the provision by a person of professional services (other than medical indemnity cover).
- Public and products liability insurance covering liability for personal injury or damage occurring in connection with a business or arising out of the products or services of a business.
How do I apply?
If you have a policy currently with MBAIS that meets the above product classification and falls due on or after 1 January 2018 and before 30 June 2018, you will receive further instructions from MBAIS with a declaration to complete to confirm your eligibility for this exemption.
For more information, please visit the Revenue NSW website or call us on 1800 150 888.