❓ Hon Neil Thomson asks about stamp duty data collection on property insurance, particularly for properties north of the 26th parallel. The Minister for Finance confirms the government does not collect location-specific data due to potential compliance costs for insurers.
AnsweredQoN 567Legislative Council
QuestionView source ↗
INSURANCE DUTY — HIGH-RISK PROPERTIES
567. Hon NEIL THOMSON to the Minister for Finance:
I refer to stamp duty
paid on insurance in WA.
(1) Does the
government collect data on the location of stamp duty paid on property
insurance?
(2) If yes (1),
what percentage of stamp duty paid to the state is derived from policies on
property north of the twenty-sixth parallel?
(3) If no to (1),
given premiums are significantly more expensive in high-risk areas, why not?
567. Hon NEIL THOMSON to the Minister for Finance:
I refer to stamp duty
paid on insurance in WA.
(1) Does the
government collect data on the location of stamp duty paid on property
insurance?
(2) If yes (1),
what percentage of stamp duty paid to the state is derived from policies on
property north of the twenty-sixth parallel?
(3) If no to (1),
given premiums are significantly more expensive in high-risk areas, why not?
AnswerView source ↗
I thank the
honourable member for some notice of the question.
(1) No.
(2) Not
applicable.
(3) Insurance
duty is assessed at 10 per cent of the aggregate value of premiums paid for
general insurance policies that are declared to RevenueWA by a general insurer.
Requiring general insurers to collect and declare additional data about the
type or location of the insured property may lead to higher compliance costs
for insurers.
honourable member for some notice of the question.
(1) No.
(2) Not
applicable.
(3) Insurance
duty is assessed at 10 per cent of the aggregate value of premiums paid for
general insurance policies that are declared to RevenueWA by a general insurer.
Requiring general insurers to collect and declare additional data about the
type or location of the insured property may lead to higher compliance costs
for insurers.
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