What is the NSW small business stamp duty exemption declaration?
From 1 January 2018, some small businesses may be eligible to seek exemption from paying NSW stamp duty on certain types of insurance.
What is a small business?
Revenue NSW has stated that you are a small business eligible to seek a stamp duty exemption if you are an individual, partnership, company or trust that is carrying on a business, and the business has an aggregated turnover of less than $2 million. Aggregated turnover is your Australia wide annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you.
Which insurance types will the exemption apply to?
| Insurance type
|| Cover affected
|Commercial vehicle insurance
||Motor vehicles used primarily for business purposes.
|Commercial aviation insurance
||Aircraft used primarily for business purposes.
|Occupational indemnity insurance
||Insurance covering liability arising out of the provision by a person of professional services or other services (other than medical indemnity cover).
|Product and public liability insurance
||Insurance covering liability for personal injury or property damage occurring in connection with a business or arising out of the products or services of a business.
How do I apply for the exemption?
For Brokers/ Authorised Representatives: To receive the exemption, please have your client complete the NSW Small Business Stamp Duty declaration and notify QBE in writing of your client’s entitlement to the stamp duty exemption. Alternatively, if you are properly authorised by your client, you could sign the declaration on their behalf. You do not need to send the declaration to QBE.
For individuals, company, partnership or trust: To receive the exemption please complete the NSW Small Business Stamp Duty declaration declaring that you/your business entity is a small business. Email the completed declaration to NSW.firstname.lastname@example.org
Customers with aviation insurance please email the completed NSW Small Business Stamp Duty declaration to email@example.com.
For further information please refer to our frequently asked questions.