NSW Small Business Stamp Duty Exemption

NSW Small Business Stamp Duty Exemption

If your insurance renewal falls due between 1st July 2018 – 30th June 2019, and the NSW stamp duty exemption applies to your company, please complete and return the attached Declaration Form to our office, as soon as possible.

This will allow us time to forward your completed declaration to the relevant insurers and obtain the stamp duty exemption, on your behalf, for your 2018-2019 renewals.

Please note this exemption only applies to companies based in NSW. A new declaration will need to be completed and returned to our office every financial year to benefit from this exemption.

What is the small business exemption?

From 1 January 2018, small businesses will be exempt from paying NSW stamp duty on certain types of insurance.

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 by small businesses with one of the following insurance types:

  • Commercial vehicle insurance
  • Commercial aviation insurance
  • Occupational indemnity insurance
  • Product and public liability insurance

Stamp Duty Exemption Form 2018/2019

Should you have any queries in relation to any of the above, please do not hesitate to contact our office.

Thank you,

Carriers Insurance Brokers Pty Ltd