Duties Act 2001

If a registered insurer has a liability to insurance duty for a return period, the insurer must on or before the return date—

lodge a return in the approved form; and

pay to the commissioner the amount of insurance duty based on the following—

for general insurance—the total amount of the premiums received in the return period by the insurer;

for life insurance—

for contracts of life insurance that effect temporary or term insurance—the total amount of the premiums received in the return period by the insurer; and

for other contracts of life insurance—the amounts of the sums insured for the contracts written in the return period by the insurer; and

pay to the commissioner any assessed interest and penalty tax.

If an insurer refunds the whole or part of a premium for a contract of insurance for which insurance duty has been paid, the insurer may deduct from the amount required to be paid under subsection (1) the insurance duty paid on the amount of the premium refunded.

Note—For provisions about reassessments and refunds, see the Administration Act, part 3 (Assessments of tax), division 2 (Self assessments) and part 4 (Payments and refunds of tax and other amounts), division 2 (Refunds of tax and other amounts).

If WorkCover Queensland has a liability to insurance duty for a month, it must—

lodge a statement in the approved form; and

pay to the commissioner the amount of insurance duty based on the total amount of the net premiums charged in the month and any assessed interest and penalty tax.

WorkCover Queensland must comply with subsection (4) within 21 days after the end of the month or the longer period the commissioner allows.

For the Administration Act, the statement is taken to be a return for a self assessment for the accident insurance.