NoTaxOnInsurance join the Insurance Council of Australia and others in congratulating the ACT Governmentin honouring their commitment to remove stamp duty on general insurance. In the current budget, see budget paper 2, page 8, Stamp Duty will be cut by one-third this year, and be abolished by 1 July 2016.
Thank you Jan [InsuranceNEWS] for sharing the document with me.
We continue to hope, forlornly it appears, that other states like Queensland who have seen massive increases in some classes of property insurance would do their part in making insurance more affordable and thereby help the economy and the people they are entrusted to protect.
Even more so, the neighbouring state of New South Wales could learn a huge lesson. Not only will it be better to own a home or operate a business in the ACT than New South Wales when it comes to Stamp Duty on general insurance, ACT residents also avoid Fire Service Levy on their insurance which has a triple tax effect when you factor in both GST and Stamp Duty both of which are imposed on top of the insurance premium and Fire Service Levy.
When we see this nonsense continue and the raft of different laws around Australia, we really think it is time to consider abolishing the state governments completely as they make it increasingly difficult to do business by adding unnecessary complexity and cost.