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.
These include:
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Commercial vehicle insurance – for a motor vehicle used primarily for business purposes
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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.
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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.
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How much does comprehensive car insurance cost?The cost of your comprehensive car insurance policy depends on a range of factors, including your age, location, driving history, your vehicle’s make and model, and whether you keep your car in a garage or not.
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What is comprehensive car insurance?With comprehensive insurance, you’re covered for everything from a car crash to a hail storm (note: some exclusions apply – please refer to the PDS for terms and conditions).
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What is third party fire & theft car insurance?Let’s break down the name ‘third party fire & theft’ to show you exactly what you’re covered for if you take out this insurance: Third party – this is cover for any damage or loss that your car or motorcycle causes to another person’s vehicle or property (some exclusions, like driving under the influence, apply) Fire – this is cover for your car if it’s a write-off or damaged as a result of fire Theft – this is cover for your car if it’s stolen or damaged in an attempted theft. Your keys are covered, too.