Insurance Stamp Duty Cuts For ACT

Public liability insurance cost
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Lobby groups have been calling for insurance stamp duty to be abolished for years, and finally one state (territory actually) is doing something about it.

Stamp duty is such an unnecessary tax with regards to insurance, and does nothing more than to make insurance more expensive for small businesses and individuals.

The ACT, which already had the lowest insurance stamp duty in Australia, now plans to get rid of it completely by July 2016.

From January this year stamp duty was reduced from 4% to 2%, and on 1 July 2016 it will be completely abolished.

This is a great move for small business, as it helps to reduce the cost of insurance, which can be a significant expense for a business.

Anything which makes it more affordable for a business to protect itself with public liability and other insurance types just has to be a good thing.

For more information click here for the official release from the ACT government.

So which state will step up next and help to make insurance more affordable by getting rid of this pesky tax?

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