Stamp Duties Act 1923

A general insurer who is, or is required to be, registered is liable under this section to pay duty in respect of each premium relating to insurance of any kind (other than life insurance) paid to the insurer and must, for that purpose, on or before the 15th day of each month—

lodge with the Commissioner a statement in the approved form setting out the total amount of—

all such premiums received by the insurer in the previous month;

any such premiums credited to an account of the insurer (but not received by the insurer) in the previous month that the insurer chooses to include; and

pay to the Commissioner duty equivalent to 11% of that amount.

If a premium that is credited to an account of the insurer but not actually received by the insurer is included in the statement lodged under subsection (1) for the month in which the premium is credited, the insurer need not include the premium in the statement lodged for the month in which the premium is received by the insurer.

Subject to subsection (4), if a premium that is credited to an account of the insurer but not actually received by the insurer is not included in the statement lodged under subsection (1) for the month in which the premium is credited, the following provisions apply:

if the premium is received by the insurer during the period of

if the premium is not received by the insurer within the

the premium will be taken for the purposes of this section to have been received by the insurer in the first complete month following the end of that period; and

the insurer must include the premium in the statement lodged for that month.

Subsection (3)(b) does not apply in relation to a premium that is not received by the insurer because the policy in relation to which the premium was credited is cancelled.

For the purposes of subsection (1)—

a reference to a premium does not include an amount in respect of stamp duty received or charged in respect of a premium; and

the amount of a premium—

refunded during the month to which the statement relates (whether the premium was received during that month or earlier); or

paid for an insurance risk outside the State (other than a personal accident insurance risk); or

paid for personal accident insurance in respect of a person whose principal place of residence was not in the State at the time the policy providing the insurance was issued, is not to be taken into account.

To avoid doubt, the duty payable under subsection (1) is payable in respect of a premium relating to insurance of any kind (other than life insurance), irrespective of whether the premium is payable under a policy in relation to which premiums are also payable for life insurance.