NSW Stamp Duty has been amended effective 1 January 2018, such that you will be exempt from the stamp duty component on the following insurance policies:
• Commercial Vehicles (or vehicles predominately used for business purposes)
• Professional Indemnity
• Public Liability
To qualify for the exemption, you need to:
• carry on a business;
• have turnover of less than $2M p.a.; and
• lodge an appropriate declaration which should be provided by your insurer.
For further information, please contact our office or refer to the Revenue’s website.
– Posted 17.1.18
This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.