Where policies contain both types of insurance, the premiums relating to each risk must be apportioned when calculating the duty payable. This is because different rates of duty apply to different types of insurance.
Policies of general insurance may cover property or risks across multiple states and territories in Australia.
In these cases, the insurer must apportion all premiums paid as duty is only payable on the premium relating to the NSW property and risk.
To make a voluntary disclosure of understated liability, or to report a member of the public, contact us by email.