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What is the NSW Small Business Exemption?

A small business exemption applies to any individual, partnership, company or trust that is considered a Capital Gains Tax small business. This includes a small business that:

  • is carrying on a business in NSW;
  • has an aggregated turnover (including any affiliates) of less than $2 million for the previous financial year; and
  • is anticipating an aggregated turnover (including any affiliates) of less than $2 million in the current financial year.
The aggregated turnover is calculated on an Australian wide basis and must include the annual turnover of any affiliates.

 

In NSW,  small businesses are exempt from paying stamp duty on certain types of insurance.

This exemption applies to the following DUAL products:
  • Professional Indemnity insurance;
  • Information Technology insurance;
  • General Liability insurance; and
  • Resource Industry Liability Facility (RILF) insurance.

More information is available on Revenue NSW website https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/small-business-exemption or information can be found in section 259A of the Duties Act 1997 (NSW).