❓ Mr. Cowper questions the Treasurer on the application of stamp duty and GST on insurance premiums, revenue generated from stamp duty on insurance, and whether stamp duty was intended to be removed with the introduction of GST. The Treasurer clarifies the order of tax application and provides revenue figures, denying the claim about stamp duty removal.
AnsweredQoN 2099Legislative Assembly
QuestionView source ↗
(1) Can the Treasurer explain why stamp duty is payable on insurance premiums and then the Goods and Services Tax (GST) applied on top of that amount?
(2) How much revenue is taken from stamp duty on insurance premiums?
(3) Is it true that stamp duty was one of the taxes to be axed on the introduction of the GST?
(2) How much revenue is taken from stamp duty on insurance premiums?
(3) Is it true that stamp duty was one of the taxes to be axed on the introduction of the GST?
AnswerView source ↗
Answered
20 April 2010
Response time
56 days
(1) To clarify, the taxation/duty treatment on insurance premiums entails the GST being applied first, and then insurance duty is applied to the total value of the insurance premium plus GST. This is consistent with the pre-GST arrangements, whereby stamp duty applied to the total value of insurance premiums inclusive (directly or indirectly) of the wholesale sales tax (which was replaced by the GST).
(2) In 2008-09, the State Government collected $376.5 million in revenue from insurance duty.
(3) No.
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(2) In 2008-09, the State Government collected $376.5 million in revenue from insurance duty.
(3) No.
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