(03) 9890 6851 insurance@ea.org.au

INSURANCE STAMP DUTY StampDuty

NSW Update

This update is specifically for organisations that undertake activities or own property in NSW and wish to claim stamp duty exemptions on their insurance.

What is Stamp Duty?

Stamp Duty is a state based tax on certain transactions. The rate of stamp duty charged varies depending on state and territory government’s decisions. Most states charge stamp duty (amongst other things) on insurance premiums. This is a charge that insurers are legally obligated to charge unless you are stamp duty exempt and provide proof of your status. Please feel free to visit the State Office of Revenue website for more information.

http://www.osr.nsw.gov.au/taxes/insurance/factsheet/overview

Am I eligible for an exemption?

Stamp Duty exemptions for insurance premiums are widely available in NSW to most Not For Profit organisations. Exemptions are granted at the discretion of the NSW State office of Revenue. If you do not have an exemption, we encourage you to apply as there is a real chance that some cost savings may be achieved.

How long does an exemption last?

Until recently, exemptions were rarely policed, so it was common for organisations to be claiming premium reductions on exemptions certificates that were over 10 years old. This has recently changed. The Office of State Revenue has been clamping down on insurers, requiring them to ensure they have current exemption certificates in order to apply premium reductions.

Important: Current NSW Stamp Duty exemptions have an expiry date, generally 3 years. If your current certificate does not have an expiry date on it, you will be required to obtain a new certificate from the OSR before any further premium reductions / exemptions can be applied.

How do I update or obtain my exemption certificate?

Fortunately the process of updating your certificate is pretty straight forward and quick. It is a 1 page form to complete and send on to the NSW office of State Revenue.  Please call their hotline on 1300 139 817, email returns@osr.nsw.gov.au or download the form here…

http://www.osr.nsw.gov.au/sites/default/files/file_manager/oda006.pdf

Alternately, we have a copy of the exemption application and can easily provide you with a copy.

Further Questions

Please feel free to call the office on 03 9890 6851 and we will assist you in any way we can.