|Ruling number||DUT 005|
|Date issued||1 July 1998|
|Issued by||B Buchanan|
Chief Commissioner of State Revenue
|Effective from||1 July 1998|
|Effective to||31 July 2009|
|Status||Replaced by DUT 038|
Insurance duty is charged on the amount of the premium paid in relation to a contract of insurance that effects general insurance. General insurance is defined by reference to property in New South Wales and risks in New South Wales
The Duties Act 1997 provides for the apportionment of premiums relating to:This ruling details the Schedule of Apportionment under section 256 of the Duties Act.
property that at the time of insurance is located in New South Wales and in another Australian jurisdiction; or
a risk concerning an act or omission that in the normal course of events may occur in New South Wales and in another Australian jurisdiction.
This ruling details the Schedule of Apportionment under section 256 of the Duties Act.
The attached Schedule of Apportionment has been adopted by the Chief Commissioner with effect from 1 July 1998. The Schedule was developed in consultation with the Insurance Council of Australia, and is consistent with the schedule adopted in 1994 by agreement with the Commissioners of the other Australian States and Territories.
A general insurer must apportion all premiums paid in relation to a contract of insurance that effects general insurance in accordance with the approved Schedule.
The Chief Commissioner may apportion a premium on a basis other than in accordance with the schedule:
on application in writing by an insurer or insured person (section 257 (2));
if not satisfied that the premium has been properly apportioned for each risk insured (section 257 (3)).
Where the Schedule indicates that alternative methods of apportionment are available, the "policy measuring factor" used in calculating the premium should be used. The policy measuring factor is the factor used as a basis for establishing the risk/premium under an insurance policy. For example, where the premium for a public liability policy is based on floor area units then the duty should be apportioned in the same manner.
Any new policies that are not covered by the schedule should be referred by a general insurer to the Insurance Council of Australia prior to the issue of any such policy. The Insurance Council will forward details to the Office of State Revenue for a decision by the Chief Commissioner in consultation with the Commissioners of the other States and Territories, and ultimately for inclusion in the approved Schedule. The Insurance Council publishes each year a "Conspectus of Stamp Duties" including the approved Schedule, as amended.
|Class of insurance|
|Aviation hull - commercial|
|Aviation hull 3rd party property liab. - commercial|
|Aviation hull personal liability - commercial|
|Aviation hull - private|
|Aviation hull 3rd party property liability - private|
|Aviation hull personal liability - private|
|Baggage (see Travel)|
|Care custody and control on bloodstock|
|Cash in transit|
|Company reimbursement (with D & O)|
|Comprehensive crime policy|
|Disability - single|
|Disability - group|
|Deterioration of stock|
|Directors' and officers' liability|
|Home building and contents|
|Industrial special risk section 1|
|Industrial special risk section 2|
|Loss of profits|
|Machinery & computer breakdown & engineering|
|Marine - builder's risk|
|Marine - carrier's legal liability|
|Marine - charterer's liability|
|Marine - hull liability|
|Marine - private pleasure craft|
|Motor vehicle or extended warranty - commercial|
|Motor vehicle or extended warranty - fed. interstate|
|Motor vehicle or extended warranty - private use|
|Motor vehicle or extended warranty - unregistered|
|Occupational (professional indemnity)|
|Personal accident and illness - single|
|Personal accident and illness - group|
|Product liability or broadform liability|
|Travel incl. baggage - outbound from Australia|
|Travel including baggage - within Australia|