Small Business Assistance
NSW Small Business Stamp Duty Exemption; Insurance
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.
Insurance types the exemption applies 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.|