Insurance Duty Calculator
- defined in Section 163 of the Duties Act 2001
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 Factsheet General Insurance Duty Rate Change
- defined in Section 172 of the Duties Act 2001
: (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|
(4) $50 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.