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Have you checked to see if any of your clients are eligible for stamp duty refunds on their policies?Queensland has followed NSW and the ACT by enabling insurance brokers to apply for stamp duty refunds on policies taken out with unauthorised foreign insurers and Lloyd’s underwriters. The refunds follow a landmark case in the NSW Supreme Court, Qantas Airways Ltd v Chief Commissioner of State Revenue. The Court ruled that Qantas should be refunded some of the duties it paid, which has set a precedent that could apply to hundreds of policyholders – not just in NSW, but in other states as well. NIBA has been in discussions with state governments around Australia to determine if policyholders are eligible for refunds and to set up simple ways for brokers to apply on their clients’ behalf. NSWEligible policyholders are those who took out an insurance policy prior to 20 June 2006 with an insurer that was not registered or authorised as a general insurer under the Insurance Act 1973 for the purposes of the relevant NSW stamp duties legislation. Application forms can be downloaded from www.osr.nsw.gov.au The form should be mailed to: ACTThe ACT Revenue Office has agreed to refunds to all relevant policyholders who have paid stamp duty on general insurance effected in relation to ACT insurance business during the period 1 March 1999 to 17 May 2006 with an insurer that was not registered or authorised under the Insurance Act 1973 for the purposes of the relevant ACT stamp duties legislation (i.e. unauthorised foreign insurers and Lloyd’s underwriters). An application form can be downloaded from www.revenue.act.gov.au The form can be lodged with: The letter should be marked to the attention of Joseph Tonna, Assistant Manager – Compliance. QueenslandQueensland has now followed, agreeing to make some limited refunds of duty paid to overseas insurers, non-commercial captive insurers and other insurers not registered or authorised under relevant Commonwealth legislation, on premiums received between 8 December 2009 and 13 January 2010 (inclusive). Applications are to be made by letter and addressed to: For more information, please call NIBA on (02) 9459 4300. Return to Broker Buzz |
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