Maximise Your Profits: The Insurance Exemption Every New South Wales Small Business Should Know About

If you are a New South Wales small business with an annual turnover of less than $2 million, you could be saving yourself potentially thousands of dollars each year.

Revenue NSW introduced an exemption to paying stamp duty on certain types of insurance in 2018. However, we at Clutterbuck Insurance Brokers have seen a large increase in the number of NSW businesses seeking quotes, only to find they are paying the unnecessary costs.

Imagine their relief when we tell them they don’t need to be flushing potentially thousands of dollars down the drain each year.

How does it work?

You may be eligible for the exemption if you are an individual, partnership, company or trust, and the business has an aggregated turnover of less than $2 million.

You may be eligible if your business has:

-       Commercial vehicle insurance

-       Commercial aviation insurance

-       Occupational indemnity insurance or

-       Product and public liability insurance.

What is aggregated turnover?

Aggregated turnover is your Australia-wide annual turnover, plus the annual turnover of any business entities that are affiliates or are connected with you.

How do I access it?

Great question! Get in contact with us, and we can submit the necessary paperwork for you to receive the exemption and potentially save you thousands of dollars each year on your insurance.