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NSW Small Business Stamp Duty Exemption

Does your business qualify for NSW Small Business stamp duty exemption?

The NSW State Government introduced a Small Business Stamp Duty Exemption for Businesses domiciled in NSW with an annual Turnover of less than $2 million. The exemption applies to certain types of Insurance Policies renewed or effected after 1st January 2018.

If you are uncertain whether you classify as a small business, please seek professional advice from your Accountant or Financial Advisor, or the Revenue NSW website may also be able to help clarify your queries relating to your eligibility. http://www.revenue.nsw.gov.au/taxes/insurance

If you do qualify for the exemption you will need to complete a declaration form.

Simply click on the link below, complete & email back to your Local Branch.

PDF 4   NSW Small Business Stamp Duty Exemption form.

 

Frequently Asked Questions

What is the small business exemption?

The NSW Government has introduced 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, the insured person must:
a) be an eligible small business; and,
b) provide a Declaration to the insurer in an approved form.

What types of insurance will the exemption apply to?

The types of insurance that may be eligible include:

Commercial vehicle insurance,
Occupational Indemnity insurance
Product and Public Liability insurance
Commercial Aviation Insurance.

What is small business?

The legislation is complex and Revenue NSW has issued guidance summarising when you are a small business as follows:

A small business is an entity within the meaning of section 152-10 (1AA) of the Income Tax Assessment Act 1997 of the Commonwealth for the income year in which the insurance is effected or renewed.

At present, you are a small business entity if you are an individual, partnership, company or trust that:

a) is carrying on a business, and
b) 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

Is there any penalties for making a false claim for exemption?

Yes, false or misleading declarations may attract a maximum penalty of up to $11,000 for an Individual and $55,000 for a corporation plus the insurance duty not paid and penal interest on that balance.

How often do I need to complete a declaration form?

A new declaration form will be required each financial year.

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