NSW Stamp Duty Exemption
What is the small business exemption?
Small businesses (with an annual turnover of less than $2 million) can be exempt from paying NSW stamp duty on certain types of insurance effected on or after 1 January 2018
What is a small business?
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 the following insurance types:
- Commercial vehicle insurance – for a motor vehicle used primarily for business purposes
- Occupational indemnity insurance – covering liability arising out of the provision of professional or other services
- Product and public liability insurance – covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business.
How do I apply for the exemption?
To receive the exemption, please complete the below declaration declaring that you/your client are a small business.
For more information and to check if you are eligible to claim an exemption, please visit www.revenue.nsw.gov.au then go to the Insurance Duty page. If you then require additional information, please contact your accountant or tax agent. Please note there are significant fines for making a false declaration so it’s important you check your eligibility first.