NSW Small business duty exemption

If you are a NSW small business (with turnover under $2m) did you know that you may be eligible for small business duty exemption on certain insurance policies, thereby lowering your costs?

The insurance policies you may get a duty exemption from are:

• Commercial vehicle insurance – Motor vehicles used primarily for business purposes.
• Occupational indemnity insurance – Insurance covering liability arising out of the provision by a person of professional services or other services (other than medical indemnity cover).
• Product and public liability insurance – Insurance covering liability for personal injury or property damage occurring in connection with a business or arising out of the products or services of a business.
• Commercial aviation insurance – Aircraft used primarily for business purposes.

Eligibility

Your business must:

• Be carrying on a business intending to make a profit.
• The aggregated turnover for the previous income year was less than $2 million (note this includes affiliates).
• The likely aggregated turnover for the current income year is less than $2 million (note this includes affiliates).

A business is affiliated with your business if an individual or company, in relation to their business affairs, acts in accordance with your directions or wishes, or in concert with you.  Note Trusts, partnerships and super funds can’t be your affiliates.

You need to speak to your insurer about this when you renew each year.  And if you have previously paid this duty when the exemption was not applied, you may be eligible for a refund.  Speak to your insurer about this.

To learn more click here  

Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.

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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052