Since 1 January 2018, small business (i.e. one with an aggregated turnover of less than $2,000,000) are exempt from paying stamp duty on insurance policies covering:
- Commercial vehicles where the vehicle is used primarily for business purposes
- Occupational indemnity insurance for professional services (except medical)
- Product public liability insurance
- Commercial aviation insurance for aircraft used primarily for business purposes
If you receive one of these notices requesting you confirm your small business status and are unsure what to do, please don’t hesitate to contact our office.
This article appeared in our September 2018 newsletter and was written by Stephen Mason.