WHAT YOU NEED TO KNOW ABOUT TAXES ON INSURANCE
Join NIBA's campaign to educate Australian insurance buyers about state insurance taxes. 
"What you need to know about taxes on insurance" is a discussion paper which examines the background and effects of insurance taxes, how they work and the much fairer funding alternatives.
Brokers have provided information on how the taxes impact on their clients' premiums. Now NIBA is calling on its members to send copies to their clients (with the cover letter provided), local politicians and business leaders.
Click here to download a copy of the tax paper.
Did you know?
Insurance is taxed as a “sin tax”, with levels equal to taxes on gambling and alcohol.
Victoria and NSW are the highest taxed states in Australia.
Victoria is actually the highest taxed place in the world when it comes to insurance.
As a policyholder, you are paying a number of taxes including GST (10%), stamp duty (7.5-11%) and – in NSW, Victoria and Tasmania – a fire services levy (up to 84%).
The fire services levy exists in NSW, Victoria, and Tasmania (all other states and territories have abolished it). What it means is insured homeowners and businesses pay a tax to pay for the state’s fire services. Uninsured people don’t pay, and they still get the use of the fire services.
High taxes add to the cost of insurance, and add to Australia’s problem with non-insurance and underinsurance.
If you feel strongly about this issue, contact your state or territory premier or local MP. Remember, the more people who raise this issue with our political leaders, the more chance we have of achieving change to this unfair system.
Click here to contact your local MP.