Australia: Industry consultations on reforming emergency services levy (New South Wales)
NSW is the last state in Australia to rely on a levy on insurance to fund emergency services
Industry consultations on reforming the “emergency services levy” (New South Wales)
The New South Wales (NSW) government issued a release announcing industry consultations on reforming the “emergency services levy.”
The consultations follow the state premier’s announcement that the state government would remove the emergency services levy from insurance to help reduce premiums for households and businesses.
According to the NSW Treasurer, NSW is the last state in Australia to rely on a levy on insurance to fund emergency services, which has also resulted in the state having one of the highest average insurance costs for business and households in the country due to the emergency services levy on insurance.
A public consultation paper on how best to reform emergency services funding will be released early next year.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.