In addition to the exemptions outlined here, a small business exemption is also available.
An exemption applies to insurance that is taken out by, or on behalf of:
To apply for this exemption, download, complete and submit the application for exemption from duty.
Crop and livestock insurance (general insurance type C) is exempt from duty. Prior to 1 January 2018, insurance duty applied to crop and livestock insurance at the rate of 2.5%.
The exemption only applies to insurance policies effected or renewed on or after 1 January 2018.
As many policies which contain crop and livestock insurance cover multiple risks with differing rates of duty, insurers must apportion premiums between the risks covered in a policy.
Crop insurance is insurance covering loss due to the destruction of, or physical damage to:
The definition does not extend to loss due to theft.
Lenders mortgage insurance (LMI) is insurance taken out by a lender to cover loss arising from default by a mortgagor.
Policies of life insurance being group superannuation investment policies that are owned by the trustee of a superannuation plan, which are for the benefit of more than one member of the superannuation plan are exempt from duty.
Insurance covering property of the Crown that is located in New South Wales is exempt from duty.
Exempt insurance includes insurance:
Also exempt is: