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Saving on insurance costs

The 2017 State Budget brought with it a change worthy of celebration for small businesses. The NSW small business exemption will mean that from 1 January 2018, small businesses will no longer have to pay stamp duty on certain types of insurance. The exemption applies to small businesses whose aggregated turnover is under $2 million.

The types of insurance that the exemption will apply to include:

  • Commercial vehicle insurance
  • Commercial aviation insurance
  • Occupational indemnity insurance
  • Product and public liability insurance

You can check your eligibility on the Office of State Revenue NSW website¬†under the heading ‘Small business exemption’ to view all the conditions.

To apply for the exemption, contact your insurance company or broker to complete a declaration. Be sure to let your insurer know that you are applying, so that charges are removed from relevant policies before your insurance renewal date.