Business Insurance Specialists Pty Ltd
Business Insurance Specialists Pty Ltd is a business insurance broker providing insurance and risk advice to individuals, families, small business and corporate.
NSW Stamp Duty Small Business Insurance Exemption
The NSW Government has created a new small business stamp duty exemption in the Duties Act 1997 (NSW) (the Act) for eligible insurance acquired on or after 1 January 2018. In order to get the benefit of the exemption, you must:
- be an eligible small business; and,
- provide a Declaration to your insurer in an approved form.
What types of insurance are eligible for the exemption?
This exemption can be applied for NSW small businesses with one the following insurance types:
- Commercial vehicle insurance
- Commercial aviation insurance
- Occupational indemnity insurance
- Product and public liability insurance
When does the exemption apply?
The exemption only applies if the eligible insurance is in a contract effected (new business and variations) or renewed on or after the 1 January 2018.
How do I make the required Declaration?
The insured person must provide a Declaration that they are eligible for the exemption at the time the relevant insurance is effected or renewed. If you want to make a Declaration, please see options below.
- Option 1: If you have not paid your premium, please contact Business Insurance Specialists Pty Ltd to make the Declaration and we will assist you to deduct the stamp duty from your policy.
- Option 2: If you have already paid your premium and want to make the Declaration, please tick the box below in the form below.
If the required Declaration is received after the time that the contract of insurance is effected or renewed, and the insurer is unable to recover the stamp duty already paid because of this, the insurer reserves the right not to make any premium adjustment or refund or deduct the reasonable costs of any recovery.
What happens if I make a false Declaration?
We recommend you obtain appropriate professional advice and/or otherwise reasonably satisfy yourself that the Declaration is not false or misleading as penalties may apply for providing false or misleading information. More information is in our FAQs.
If the Declaration is false (whether dishonest or not) and this causes the insurer to be liable to pay a duty the insurer may require you to pay an amount equal to the duty, together with any interest or penalty tax payable.
If the required Declaration is received after the time that the contract of insurance is effected or renewed and the insurer is unable to recover the stamp duty already paid because of this, the insurer reserves the right not to make any premium adjustment or refund or deduct the reasonable costs of any recovery.
How do I get more information?
Our FAQs provide more information. You can also go to NSW Revenue website and/or refer to the Duties Act 1997 (NSW).
Declaration Form
The NSW Government has created a new small business stamp duty exemption in the Duties Act 1997 (NSW) (the Act) for eligible insurance acquired on or after 1 January 2018.
If you want to seek an exemption, please complete the following details.