❓ Hon Neil Thomson asks about the amount of stamp duty collected on insured properties north of the 26th parallel in WA for businesses and private dwellings. The Minister responds that RevenueWA doesn't collect data on property location, and collecting it could increase compliance costs for insurers.
AnsweredQoN 1527Legislative Council
QuestionView source ↗
INSURANCE —
STAMP DUTY
1527. Hon NEIL THOMSON to the Minister for Finance:
I refer to stamp
duty on insurance.
(1) How much
stamp duty was received from businesses with insured properties north of the
twenty-sixth parallel, or similar and readily defined regional areas, in 2023–24?
(2) How much stamp duty was received from private
dwellings on insured properties north of the twenty-sixth parallel, or
similar and readily defined regional areas, in 2023–24?
STAMP DUTY
1527. Hon NEIL THOMSON to the Minister for Finance:
I refer to stamp
duty on insurance.
(1) How much
stamp duty was received from businesses with insured properties north of the
twenty-sixth parallel, or similar and readily defined regional areas, in 2023–24?
(2) How much stamp duty was received from private
dwellings on insured properties north of the twenty-sixth parallel, or
similar and readily defined regional areas, in 2023–24?
AnswerView source ↗
I thank the
honourable member for some notice of the question.
(1)–(2) 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.
RevenueWA does not collect data about the type or location of insured
properties. Requiring general insurers to collect and declare this additional
information may lead to higher compliance costs for insurers.
honourable member for some notice of the question.
(1)–(2) 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.
RevenueWA does not collect data about the type or location of insured
properties. Requiring general insurers to collect and declare this additional
information may lead to higher compliance costs for insurers.
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