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NSW Insurance Duty Exemption

From 1 January 2018, small businesses with less than $2m turnover in NSW will no longer be required to pay stamp duty on certain types of insurance, including:

  • Commercial Vehicle insurance – where the motor vehicle is used primarily for business purposes;
  • Occupational Indemnity insurance – covering liability arising out of the provision of professional or other services (other than medical indemnity insurance);
  • Product and Public Liability Insurance – covering liability for personal injury or property damage occurring in connection with or arising out of the products and services of a business;
  • Crop and Livestock insurance; and
  • Commercial Aviation insurance for an aircraft that is used primarily for business purposes.

I confirm that at the time the contract of insurance being applied for is effected or renewed (as applicable) I am a small business as defined under Section 259A of the Duties Act 1997 (NSW) for the purposes of the small business exemption under Section 259B of the Act.

I confirm I am a small business individual / partnership/ company and/ or trust, with an aggregated turnover of less than $2 million*.

I hereby declare that I am a small business eligible for the exemption from the requirement to pay stamp duty on certain types of insurance under section 259B of the Duties Act 1997 (NSW).

Should you require further information in regards to the Stamp Duty Exemption, please do not hesitate to contact us on 1300 853 800.

*Aggregated turnover is your Australia wide aggregated turnover including the turnover of any business entities that are your affiliates or are connected with you.

*A fraudulent declaration may invalidate your insurance contract.