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More tax savings for small business

More tax savings for small business

From 1 January, 2018 certain types of insurance for small business are no longer liable to 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 (being motor vehicle insurance for a vehicle used primarily for business purposes).
  • Commercial aviation insurance (being aviation insurance for an aircraft used primarily for business purposes).
  • Occupational indemnity insurance (being liability insurance for the provision of professional services (other than medical indemnity)).
  • Product and public liability insurance (being 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 – this article has been produced by Kreston Stanley Williamson as a service to 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 contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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