The 2017 State Budget brought with it a change worthy of celebration for small businesses. The NSW small business exemption will mean that from 1 January 2018, small businesses will no longer have to pay stamp duty on certain types of insurance. The exemption applies to small businesses whose aggregated turnover is under $2 million.
The types of insurance that the exemption will apply to include:
- Commercial vehicle insurance
- Commercial aviation insurance
- Occupational indemnity insurance
- Product and public liability insurance
You can check your eligibility on the Office of State Revenue NSW website under the heading ‘Small business exemption’ to view all the conditions.
To apply for the exemption, contact your insurance company or broker to complete a declaration. Be sure to let your insurer know that you are applying, so that charges are removed from relevant policies before your insurance renewal date.