What is the small business exemption?
From 1 January 2018, small businesses became exempt from paying NSW Stamp duty on certain types of insurance.
Find more information regarding exemption eligibility at NSW Revenue website.
What is a small business?
Revenue NSW has stated that, "You are a small business if you are an individual, partnership, company or trust that is carrying on a business, and the business has an aggregated turnover of less than $2 million. Aggregated turnover is your annual turnover plus the annual turnovers of any business entities that are your affiliates or are connected with you."
Please note, this declaration covers the eligible policies issued to you during the policy period that the declaration relates to.