Small businesses (generally with an aggregated annual turnover of less than $2 million) can be exempt from paying NSW stamp duty on certain types of insurance effected on or after 1 January 2018, 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
- Public and product liability insurance – covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business.
For more information and to check if you are eligible to claim an exemption, please visit www.revenue.nsw.gov.au then go to the Insurance Duty page.
If you then require additional information, please contact your accountant or tax agent.
Please note there are significant fines for making a false declaration so it’s important you check your eligibility first.
Before proceeding, please make sure you have a quote/policy number.
Small Business Declaration
By completing the below form, you are making a declaration for a Small Business Exemption. You will need to make a separate declaration for each quote/policy you hold.