From 1 January 2018 eligible small businesses (generally with less than $2 million turnover) will not be required to pay duty on certain types of insurance, including:
> Commercial vehicle insurance - for a motor vehicle used primarily for business purposes
> Commercial aviation insurance – for an aircraft used primarily for business purposes
> 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.
In order to receive the insurance duty exemption for your small business, you need to provide a small business declaration to your insurer. A declaration is only valid for one income year, so a new declaration will be required each income year.