Register for Insurance Duty - Victoria

Service summary

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.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Exemptions

Please note that exemptions to the requirement to pay this duty exist. These exemptions include:

  • hospital or medical benefits
  • WorkCover
  • goods and merchandise
  • freight carried by land, sea and air
  • hulls of floating commercial vessels
  • damage by hail to cereal or fruit crops.

Eligibility requirements

Please consult the responsible agency for more information regarding eligibility requirements.

Duration

Duty is payable on each transaction.

Fees

 TypeDescription
ApplyApplication

Please consult the responsible agency for information on fees to be submitted with your application.

Other resources

Application

Apply

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.


Administering agency

Department of Treasury and Finance
State Revenue Office

Act(s) name

Duties Act 2000 (Victoria)

Contact details

Duties
Department of Treasury and Finance
State Revenue Office


Phone:

13 21 61
sro@sro.vic.gov.au

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

The business information provided does not constitute professional or legal advice, nor is the use of any third party resource an endorsement of the information contained, the associated organisation, product or service. It is recommended that you obtain appropriate professional and /or independent legal advice to ensure that the material provided here is relevant to your particular circumstances.

To the full extent permitted by law the Federal, State, Territory and Local Governments, their employees and agents do not accept any liability for any reason, including without limitation, liability in negligence, to any person for the general information which is provided herein, or in respect of anything, including the consequences of anything done, or not done, by any such person in whole or partial reliance upon the information.