Insurance duty

Exempt insurance includes insurance:

  • covering only property of the Crown in the right of New South Wales

  • effected by a separate policy for a distinct sum against loss by fire on the tools, implements of work or labour used by mechanics, artificers, handcrafters and labourers

  • taken out by or on behalf of a non-profit organisation with an objective of a charitable, benevolent, philanthropic or patriotic purpose

  • taken out by or on behalf of a society or institution with an objective of the relief of poverty, promotion of education, defence or other patriotic object, or where it is considered to be charitable

  • covering mortgages or pools of mortgages acquired for the purpose of issuing mortgage backed securities

  • hospital or medical benefits insurance

  • Workers Compensation

  • Compulsory Third Party for Motor Vehicles

  • insurance of:

    • the hull of a floating commercial vessel

    • goods and merchandise, or the freight of, carried by land, sea or air

    • or both

  • redundancy insurance in respect of a housing loan where the sum insured doesn't exceed $124,000

  • reinsurance (being a contract between two parties where one party indemnifies the other against liability or payment under a contract of insurance or reinsurance)

  • an annuity:

    • issued, created or sold by a life company

    • purchased by a person from a life company

  • policies of life insurance, being group superannuation investment policies, owned by the trustee of a superannuation plan for the benefit of more than one member of the plan.

Last updated: 20 June 2017