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You must include all premiums received in the previous month for type A and type B insurance.
Life insurers
You must include:
the total duty payable on life insurance policies (other than temporary or term insurance) established in the preceding month
the total amount of all first-year premiums for temporary or term life insurance received in the preceding month by, or on behalf of, the registered insurer, and all additional premiums for group term-insurance policies received in the preceding month
the total amount of all first-year premiums for life insurance riders received by, or on behalf of, the registered insurer in the preceding month
any premiums received for type A and type B insurance.
Calculating the duty
When making your calculations:
apportion premiums that relate to different types of insurance and to insurance established in different states of Australia
A policy of insurance may contain life insurance and different types of general insurance, as well as exempt insurance.
In these cases, the premiums relating to each insurance type must be separated and have the correct rate of duty applied, because different rates of duty apply to different types of insurance.
When calculating duty, general insurers must apportion all premiums paid on insurances that relate to
property that at the time of insurance is located in NSW and in another Australian state or territory
a risk concerning an act or omission that in the normal course of events may occur within, or partially within NSW and in another Australian state or territory.
An insurer or an insured person can request that a premium be apportioned on a basis other than in accordance with the schedule by making an application to us by email.
Paying duty
Interest and penalties apply when duty isn't paid on time. If you can't pay in full by the due date, contact us.
Insurance duty is payable on or before the 21st day of each month by:
the general insurer
the person who obtains, establishes or renews any general insurance with someone who isn't a registered insurer.
Insurance duty is payable on or before the 21st day of each month by
the life company or
the person issuing the policy or life insurance rider or
the person (not being a registered insurer) who effects a policy of life insurance or life insurance rider as an insured person with a person who is not a registered insurer.
The insured person must pay insurance duty on any policies taken out with an overseas insurer that relates to
property in NSW
risks associated with NSW
life insurance for a resident of NSW.
Insurance duty payment options
Contact your bank or financial institution if you need information on how to use BPAY or electronic funds transfers (EFT).