Insurance Stamp Duty Exemption

23 Aug Insurance Stamp Duty Exemption

Did you know that small businesses in NSW are not required to pay stamp duty on certain types of insurances? This can help cut business costs!

These insurances can include:

  • Commercial vehicle insurancestamp duty
  • Occupational indemnity insurance (or professional indemnity)
  • Product and public liability insurance
Are you eligible?

If your business traded last year and the turnover was below $2million and/or your total turnover for
the current year is likely to be less than $2 million,
you may be eligible.

Where eligible, a declaration confirming you meet the exemption criteria must be submitted. Only then can your insurer apply the exemption to your policy.

So next time you are taking out or renewing your business insurances remember to check if you are eligible for the stamp duty exemption.

Want to know more about how you can further reduce business costs? Call Ross today to discuss on 02 4926 2699.

Forsythes Business and Financial Advisors
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