The following changes have been made to the fire service levies ("FSL") in NSW and country Victoria.
Please note that the following changes have been recommended to insurers by the Insurance Council of Australia, to be effective no later than 19 November last year. As the Council cannot dictate an effective date for changes, brokers will have to check this with the individual insurers.
In NSW, Fire/ISR/Consequential Loss increased from 34% to 36%. Householders will pay 20% FSL, up from 19% previously.
Victorian metro rates remained unchanged, but rural Fire/ISR/Consequential Loss and Contracts All Risks increased from 49% to 52%. Householders and House Owners increased from 20% to 22%.
For more details on the fire services levy, log onto NIBA’s tax information website at www.niba.com.au/tax.