NSW Stamp Duty Changes
What are the NSW Stamp Duty Changes?
Effective from the 1st Janurary 2018 small business* in NSW are exempt from paying Stamp Duty on Public and Products Liability Insurance.
How do I receive this exemption?
To receive the exemption, you must complete the declaration prior to your renewal date. A new declaration will be required for each policy period of insurance.
Are there any penalties for providing a false declaration?
Yes, a false declaration may result in penalties of up to AUD $11,000 by Revenue NSW plus the amount of the unpaid stamp duty and penal interest on that amount.
What happens if a declaration is not received?
If the small business declaration is not received by the date the policy is effected, LIU will charge stamp duty at the rate applicable on the effective date of the policy.
* small business is defined under s259A of the Duties Act 1997 (NSW). If you are uncertain whether you classify as small business, please speak to your accountant or financial advisor.
NSW Stamp Duty Declaration
* aggregated turnover is your Australia wide annual turnover