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Insurance Duty Calculator
 
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General Insurance

- defined in Section 163 of the Duties Act 2001 External Link icon.

The rate of duty for General Insurance is 10% of the premium paid including commission payments, intermediary discounts, GST, terrorism levy and fire service levy.

This rate came into effect on 1 October 2012. The previous rate was 8%. For details of this change, read 2012-13 Budget General Insurance Duty fact sheet.

General Insurance Duty Calculator
When was premium paid?
Before 1 October 2012
On or after 1 October 2012
Premium paid
Duty Owed

Life Insurance

- defined in Section 172 of the Duties Act 2001 External Link icon:
(1) Life Insurance policy (other than a temporary or term insurance policy, or a mortgage insurance policy) duty is based on the sum insured.

Sum Insured

Rate of Duty
$0 - $2,000 10 cents per $200, or part thereof, of the sum insured
Over $2,000 $1 plus 20 cents per $200, or part thereof, of the sum insured that exceeds $2,000


Life Insurance Duty Calculator
Sum insured
Duty Owed

(2) Temporary or Term Insurance policy - duty is 5% of the first year's premium including GST.

Temporary or Term Insurance Duty Calculator
1st years Premium paid
Duty Owed

(3) Mortgage Insurance policy - duty is 2% of the premium including GST.

Mortgage Insurance Duty Calculator
Premium paid
Duty Owed

(4) $20 is chargeable on an annuity, issued by a life company or purchased by a person from a life company, that complies with Subsection 174(6) Duties Act 2001 External Link icon.


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