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why do we pay stamp duty on insurance

What is stamp duty? Stamp duty is a tax on written documents ('instruments') and on certain transactions. It is imposed by state and territory governments. It can vary depending on the state or territory, and may be called stamp duty, transfer duty or general duty. What transactions are taxed? transfers of property (such as businesses, real estate or certain shares). The rate of stamp duty varies according to the type and value of the transaction involved. Are there any stamp duty concessions or exemptions?

Depending on the nature of the transaction, certain concessions and exemptions may be available. See the page on the Australian Taxation Office (ATO) website for a list of the concessions and excemptions and how these differ across state and territories. What to do. -,
and duties. Policies of life insurance, other than a temporary or term insurance policy, or trauma or disability insurance This includes any policy of life insurance that does not satisfy all the conditions of temporary or term policies, or trauma or disability insurance. $1 on the first $2,000, or part thereof, of the sum insured 20 cents for every $200, or part thereof, in excess of the first $2,000 This includes where the only benefit is a death benefit payable on the death of the insured which must occur prior to a nominated date or age and no amounts are payable if this does not happen.

Duty is calculated at 5 percent of the first year's premium on the policy.

This is a term insurance policy that applies in respect of the lives of a specified group of persons, being a group the membership of which may change during the term of the policy. 5% 5% of the amount of the premium (if any) payable in any succeeding year in respect of each additional life covered by the insurance policy (that is, each life that was not covered during the previous year).

Life insurance riders are not considered to be policies of life insurance and have a separate rate of duty. Duty is calculated at 5% of the first year's premium on the life insurance rider. This includes insurance under which an amount is payable in the event of the disablement of the insured by accident or sickness, or the insured being found to have a stated condition or disease. Duty is calculated at 5% of the premium paid to effect the insurance.

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