Consumer News & Advocacy
No Taxes on Insurance Campaign
Australian insurance policyholders are paying world-record levels of state and territory taxes on their policies, with some policyholders forced to pay 72% FSL on top of their base premium.
NIBA has written to all state and territory treasurers expressing the industry’s concern over the inequitable levels of tax being charged on insurance policies in Australia, and the fact that insurance taxes are equal to the so-called “sin taxes” applied to gambling, tobacco and alcohol.
With GST, stamp duty and, in some states, the fire services levy imposed on insurance premiums, some policyholders are paying up to three levels of tax on their insurance premium. To raise awareness, NIBA has created the “No taxes on insurance” website – a comprehensive guide to the taxes you’re paying and what you can do about it.