More tax savings for small business

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From 1 January 2018, accountants in Sydney have been informed that specific categories of insurance for small businesses are now exempt from stamp duty.

To qualify as a small business, the entity must:

  • Be carrying on a business, and
  • Have aggregated turnover of less than $2 million

The exception will apply to:

  • Commercial vehicle insurance (motor vehicle insurance for a vehicle used primarily for business purposes).
  • Commercial aviation insurance (aviation insurance for an aircraft primarily for business purposes).
  • Occupational indemnity insurance (liability insurance for providing professional services (other than medical indemnity)).
  • 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).

For a policy to be exempt from stamp duty, the insurer must have received a small business declaration before the insurance policy commences or is renewed.

For more information, refer to www.revenue.nsw.gov.au/taxes/insurance/exemptions/sbe or contact your insurance broker or insurance company.

Kreston Stanley Williamson Team

*Correct as of February 2018

Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.

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