QBE is wholly supportive of the NSW Government’s decision to reduce inefficient taxation.
We believe the introduction of an Emergency Services Property Levy is much fairer and more equitable for all.
As recognised in numerous reviews, including the 2010 Henry Taxation Review, insurance taxes are one of the most inefficient taxes levied in Australia and should be abolished. These inequitable and inefficient taxes and levies imposed on insurance products impact on affordability of insurance and exacerbate the broader societal issues of non and under insurance and are often ultimately borne by the Government and the public.
Reforming taxes on insurance is key. They contribute to under-insurance and non-insurance, while also penalising those prudent enough to insure and, ultimately, increasing the demands on governments to step-in when catastrophes occur.
The implementation of this new levy will be critical.
Early engagement and consultation about the process will be essential to ensure a smooth transition and delivery for all concerned and we will work with the Monitor to make this as successful as possible.
For more information please contact:
Phone: 02 9239 7818