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From 1 January 2018, NSW small businesses will be exempt from paying stamp duty on certain types of insurance.
Revenue NSW has stated that: “You are a small business 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 annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you.”
To receive the exemption, please complete this declaration declaring that you are a small business. Email the completed declaration to your insurance consultant.
For more information, please refer to the NSW Revenue website.
