Insurance duty is calculated on the premium paid to establish insurance. Generally, the insurer must pay the insurance duty.
A premium is the total amount paid to an insurer for insurance.
It may include a fire service levy, an emergency service levy and GST. It doesn't include a fee paid to an intermediary or any amount of duty.
A premium is paid when it’s received by the insurer, broker or agent.
If a premium is paid to someone who’s not a registered insurer, it’s the same as if paid to a registered insurer. Insurance duty is still payable on that premium, and the insured person must pay the duty.
If a premium is refunded, the insurer can apply to us for a refund of the duty. Alternatively, they can apply for an offset against future liabilities.
If you’re the insured person, contact the insurer for a refund of the duty.
An insurer is a general insurer or a life insurer. Learn about the types of insurance offered.
A person or entity who:
As an insurer or insurance intermediary, you must keep the following records for five years:
We may request these records for audit and assessment purposes.