We have been approached by brokers and clients asking if they should provide a declaration to us and obtain relief at renewal from the stamp duty on these insurances.
Our advice has been for them first to consider if they are eligible for a much wider stamp duty exemption available under Section 275 of the Duties Act in NSW. This can provide an exemption where insurance has been taken out by or on behalf of a non-profit organisation which has as one of its objectives a charitable, benevolent, philanthropic or patriotic purpose.
If eligible, this exemption last for 3 years and provides for the removal of stamp duty on all insurances.
If your organisation does not gain exemption then you can provide us with the small business exemption declaration found in our Forms and Wordings area and we can review the removal of stamp duty on the more restricted number of insurances under the small business exemption.
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