NSW Stamp Duty Exemption for Small Businesses
The NSW Government legislated for small businesses (with an annual aggregated turnover of $2 million or less) to be exempt from paying NSW stamp duty on certain types of insurance effected on or after 1 January 2018.
Commercial vehicle insurance – for a motor vehicle used primarily for business purposes
Occupational indemnity insurance (or professional indemnity) – covering liability arising out of the provision of professional or other services (other than medical indemnity insurance). This does not apply to Medical Malpractice Policy and only the D&O component of the Management Liability policy is exempt, therefore 1% of the stamp duty charges is exempt.
Public and product liability insurance – covering liability for personal injury or property damage occurring in connection with, or arising out of the products or services of, a business.