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%.
Life insurance policy (other than a temporary or term insurance policy, or a mortgage insurance policy) duty is based on the sum insured.
Temporary or Term Insurance policy - duty is 5% of the first year's premium including GST.
Mortgage Insurance policy - duty is 2% of the premium including GST.
$50 is chargeable on an annuity. A contract is an annuity if:
it provides for the periodic payment of money to the annuitant in fee for life or for a specified term of years as an annual or more frequent entitlement;
the periodic payment is a sum certain expressed as a dollar amount (may be varied according to a predetermined formula);
the periodic payments are solely from the contract and comprise income and not the repayment of capital.
All other annuities would attract ad valorem duty as a life insurance policy.