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Duty is charged on General Insurance and Life Insurance.
Duty on an Annuity is $20, if it complies with subsection 174(6) Duties Act 2001 .
The Insurance Duty Calculator has duty rates and can estimate your liability.
Responsibility to pay
The liability to pay duty rests with the insurer, only if they are registered.
Otherwise, the insured person is liable to pay the duty.
In most cases the insurance company or broker will arrange payment of duty. However, responsibility lies with the insured person to confirm this is the case.
If neither the insurer nor broker pays the duty, the insured person must pay the insurance duty and lodge a one-off return.
All Australian insurance businesses that cover a Tasmanian risk must apply to be registered.
To register, complete the appropriate form and lodge it at the State Revenue Office
The definition of an authorised and non-authorised insurer is drawn from the Commonwealth Insurance Act 1973 .
As part of registration a Tasmanian Revenue Online (TRO) account will be created for duty returns to be lodged and paid electronically.
Making One-off Returns
If the insurer or broker doesn’t pay the duty associated with an insurance policy, the insured person is required to lodge a one-off return and pay the duty.
Complete either the General Insurance Return or Life Insurance Return and lodge the form, including payment, with the State Revenue Office.
Forms and payment can be lodged:
Returns must be lodged and paid by the 21st day of the month for premiums received or paid, or life insurance policies effected, in the preceding month.
Insurance Duty – Apportionment of premiums between Australian jurisdictions (PUB-DT-2008-06)
Duties Act 2001 - Information for the Insurance Industry
General Insurance Premiums and the Terrorism Insurance Act 2003
Effective 1 July 2002, an exemption applies to:
Other exemptions are specified in section 190 of the Duties Act 2001 .