From 1 January 2018 eligible small businesses (generally with less than $2 million turnover) will not be required to pay duty on certain types of insurance, including:
Commercial vehicle insurance - for a motor vehicle used primarily for business purposes
Occupational indemnity insurance (or professional indemnity) - covering liability arising out of the provision of professional or other services (other than medical indemnity insurance)
Product and public liability insurance – insurance covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business
You are a small business for the current year if:
Or for more information regarding the insurance duty exemption for small businesses, visit our Stamp Duty Explained page.
Visit the business declaration page: