A small business exemption applies to any individual, partnership, company or trust that is considered a Capital Gains Tax small business. This includes a small business that:
- is carrying on a business in NSW;
- has an aggregated turnover (including any affiliates) of less than $2 million for the previous financial year; and
- is anticipating an aggregated turnover (including any affiliates) of less than $2 million in the current financial year.
In NSW, small businesses are exempt from paying stamp duty on certain types of insurance.
This exemption applies to the following DUAL products:- Professional Indemnity insurance;
- Information Technology insurance;
- General Liability insurance; and
- Resource Industry Liability Facility (RILF) insurance.
More information is available on Revenue NSW website https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/small-business-exemption or information can be found in section 259A of the Duties Act 1997 (NSW).