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Learn moreThe consultation period for the draft ruling closes on September 25, 2024.
Victoria's State Revenue Office (SRO) released a draft revenue ruling for consultation regarding the duty (tax) payable on business insurance premiums.
According to the SRO, tax on business insurance is being progressively reduced by 1% each financial year over a 10-year period starting from July 1, 2024.
The draft ruling is intended to provide guidance on the application of the amended provisions in the state's Duties Act 2000. It would clarify what constitutes business insurance and the circumstances under which the reduced rate of tax will apply to business insurance from July 1, 2024.
The consultation period for the draft ruling closes on September 25, 2024.
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