Exemptions

Insurance duty

Exempt insurance includes insurance:

  • lenders mortgage insurance taken out on or after 1 July 2017

  • crop insurance that is effected or renewed on or after 1 January 2018

  • livestock insurance that is effected or renewed on or after 1 January 2018

  • insurance taken out on or after 1 January 2018 by small businesses with an annual turnover of $2 million or less for:

    • occupational indemnity insurance
    • public and product liability insurance
    • commercial vehicle insurance for motor vehicles used primarily for business purposes
    • commercial aviation insurance for an aircraft used primarily for business purposes
  • covering only property of the Crown in the right of New South Wales

  • effected by a separate policy for a distinct sum against loss by fire on the tools, implements of work or labour used by mechanics, artificers, handcrafters and labourers

  • taken out by or on behalf of a non-profit organisation with an objective of a charitable, benevolent, philanthropic or patriotic purpose

  • taken out by or on behalf of a society or institution with an objective of the relief of poverty, promotion of education, defence or other patriotic object, or where it is considered to be charitable

  • covering mortgages or pools of mortgages acquired for the purpose of issuing mortgage backed securities

  • hospital or medical benefits insurance

  • Workers Compensation

  • Compulsory Third Party for Motor Vehicles

  • insurance of:

    • the hull of a floating commercial vessel
    • goods and merchandise, or the freight of, carried by land, sea or air
    • or both
  • redundancy insurance in respect of a housing loan where the sum insured doesn't exceed $124,000

  • reinsurance (being a contract between two parties where one party indemnifies the other against liability or payment under a contract of insurance or reinsurance)

  • an annuity:

    • issued, created or sold by a life company
    • purchased by a person from a life company
  • policies of life insurance, being group superannuation investment policies, owned by the trustee of a superannuation plan for the benefit of more than one member of the plan.

Last updated: 30 June 2017