What duty is payable
179 What duty is payable
The amount of duty chargeable on the premium paid in relation to a contract of insurance, other than a contract of business insurance, is 10% of the amount of the premium.
The amount of duty chargeable on the premium paid in relation to a contract of business insurance is the percentage specified in subsection (4) of the amount of the premium.
If a contract of insurance relates to both business insurance and insurance other than business insurance, the premium is to be apportioned and duty imposed—
in accordance with subsection (1) on the portion of the premium that relates to insurance other than business insurance; and
in accordance with subsection (2) on the portion of the premium that relates to business insurance.
For the purpose of subsection (2), the percentage in relation to a contract of insurance that is effected or renewed within the date range specified in Column 1 of the following Table is the corresponding percentage specified in Column 2 of the following Table—
Table
Column 1 | Column 2 |
|---|
Date | Percentage |
|---|
On or before 30 June 2024 | 10% |
1 July 2024 to 30 June 2025 | 9% |
1 July 2025 to 30 June 2026 | 8% |
1 July 2026 to 30 June 2027 | 7% |
1 July 2027 to 30 June 2028 | 6% |
1 July 2028 to 30 June 2029 | 5% |
1 July 2029 to 30 June 2030 | 4% |
1 July 2030 to 30 June 2031 | 3% |
1 July 2031 to 30 June 2032 | 2% |
1 July 2032 to 30 June 2033 | 1% |
On or after 1 July 2033 | 0% |
S. 180 amended by No. 40/2014 s. 4(1)(d).
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