From 1 January 2018, eligible small businesses (generally with less than $2million turnover) will not be required to pay duty on certain types of insurance, including:
- Commercial vehicle insurance
- Occupational indemnity insurance (or professional indemnity)
- Public and product liability insurance
More information regarding the insurance duty exemption for small businesses can be found by visiting the NSW Government website: www.revenue.nsw.gov.au/taxes/insurance/exemptions