STAMP DUTY EXEMPTIONS FOR SMALL BUSINESS INSURANCE
Did you know that, If you are classified as a small business (turnover <$2m) in NSW, you are exempt from paying stamp duty on most forms of business insurance? These include commercial vehicle insurance, commercial aviation insurance, product and public liability, and occupational indemnity insurance.
However, you are NOT exempt from paying stamp duty on Medical Indemnity.
To make sure you don’t miss out, tell your insurer at the time of policy renewal. They’ll put together a small business declaration for you which will be submitted to the Chief Commissioner.
If you forget to tell your insurer at the time of renewal, they’ll need to approach the Chief Commissioner for a refund.
