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New Insurance Duty Rates.

Sep 3, 2013

The 2013–14 Queensland State Budget announced an increase in the rate of insurance duty for general insurance (excluding CTP) to 9% of the premium paid for both class 1 and class 2 general insurance.

The new rate will apply for class 1 and class 2 general insurance contracts that meet both the following conditions:

  • the insurance contract is entered into on or after 1 August 2013; and
  • the premium is paid on or after 1 August 2013.

 

If either of these conditions is not met, the previous rates of duty for class 1 (7.5%) and class 2 (5%) general insurance will apply to the premium.

The rate of insurance duty that applies therefore depends on when the insurance contract is entered into and when the premium is paid. This will, in turn, depend on the facts and circumstances, including the insurer’s contractual practices and the conditions of the policy documents.

For more information contact your Insurance Adviser.


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