The duties legislation imposes duty in respect to various types of insurance. Duty is charged on:
- the amount of premium paid in relation to a contract that affects general insurance
- policies of life insurance
- transport accident charges applicable to motor vehicles.
Usually the insurer is liable to pay, although the cost is generally passed on to the insured. Please consult the responsible agency for more information and to ascertain the level of compliance (if any) that may be required.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
Please note that exemptions to the requirement to pay this duty exist. These exemptions include:
- hospital or medical benefits
- goods and merchandise
- freight carried by land, sea and air
- hulls of floating commercial vessels
- damage by hail to cereal or fruit crops.
Please consult the responsible agency for more information regarding eligibility requirements.
Duty is payable on each transaction.
Please consult the responsible agency for information on fees to be submitted with your application.
The registered general insurer must lodge a return with the Agency showing all premiums collected in the preceding month, and pay the appropriate duty, on or before the 21st day of each month.
If an insured party is liable, that party must lodge a return with containing all the particulars, and pay the appropriate duty, within 21 days after the end of the month in which the relevant premium was paid.
Please note that a return must be lodged even if you do not have to pay any duty that month.
Department of Treasury and Finance
State Revenue Office
Duties Act 2000 (Victoria)
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