Small to Medium
Enterprise Blog
Remain up to date with the latest industry specific news, advice and updates
Remain up to date with the latest industry specific news, advice and updates
1 July 2018 - from this day, certain types of insurance for small businesses are not liable to duty.
Did you know you are recognised as a small business if you are an individual, partnership, company or trust that is carrying on a business and, that has an aggregated turnover of less than $2 million?
This aggregated turnover includes your annual turnover, plus the turnovers of any business entities that are your affiliates or are have a connection.
The exemption will apply to the following types of insurance:
To ensure that a policy be exempt, the insured must be a small business as at the date the policy is effected or renewed, and the insurer must have a small business declaration.
If your insurer does not have a small business declaration, then the policy is liable for duty.
You can find the original article here.
For further information and details of this exemption, please do not hesitate to contact us on (02) 4928 8500.
Topics: Business, Small to Medium Business, insurance, indemnity insurance, car insurance, aviation insurance, insurance duty, commercial vehicle insurance
02 4928 8500
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