The Peter Vickers Business Group was founded in 1979 by Peter Vickers – a core strength from day one was accounting. In order to satisfy the needs of our clients we have grown to provide a comprehensive range of financial services. We provide these services to a broad range of clients, across a diverse range of industries and professions, both in Australia and overseas.
What is the NSW small business exemption? From 1 January 2018, NSW small businesses will be exempt from paying stamp duty on certain types of insurance.
What is a small business? Revenue NSW has stated that: “You are a small business if you are an individual, partnership, company or trust that is carrying on a business, and the business has an aggregated turnover of less than $2 million. Aggregated turnover is your annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you.”
Which insurance types will the exemption apply to? This exemption can be applied for NSW small businesses with one the following insurance types: • Commercial vehicle insurance • Commercial aviation insurance • Occupational indemnity insurance • Product and public liability insurance
A declaration form needs to be completed to claim the exemption. Please contact us to find out more.
Warning! The quote above uses words from the Income Tax Assessment Acts. These words like “turnover”, “aggregated”, “affiliate” and “connected with” have defined meanings under the Act and their interpretation is complex and difficult to understand. If you have multiple entities with revenue approaching the limit then you must consult your tax advisor. Our brokers are not qualified to give advice on these complex tax issues.
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