From 1 January 2018 eligible small businesses (generally with less than $2million turnover) in NSW will not be required to pay duty on certain types of insurance, including:
• Occupational indemnity insurance (or professional indemnity) – covering liability arising out of the provision of professional or other services (other than medical indemnity insurance)
• Product and public liability insurance – insurance covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business.
• Commercial vehicle insurance – for a motor vehicle used primarily for business purposes
The insured is required to lodge a small business declaration with their insurer at the time that the contract of insurance is effected or renewed.
Crop and livestock insurance is also exempt from duty from 1 January 2018 for all primary producers.