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Important Notice - Possible Refund of Insurance Stamp Duty

Important Notice - Possible Refund of Insurance Stamp Duty
5 November 2009

POSSIBLE REFUND OF INSURANCE STAMP DUTY -

FOLLOWING THE RECENT QANTAS CASE

 

NIBA (National Insurance Brokers Association) has released a statement following the recent QANTAS court case. The statement reads as follows:

“NSW insureds who, prior to 20 June 2006, took out an insurance policy with an insurer that was not registered or authorised as a general insurer under the Insurance Act 1973 for the purposes of the relevant NSW stamp duties legislation, may, as a result of a recent NSW court case, be entitled to a refund, in whole or part, of the insurance duty paid on the policy.

 

The relevant insurers appear to include overseas insurers that were not, at the relevant time, authorised to conduct insurance business in Australia under the Insurance Act and Lloyds’ underwriters.

 

The case may have implications for insurance duty paid in other States and Territories that had similar legislation to that applicable to NSW.

 

If you held a relevant insurance policy you should contact your insurance broker and discuss your particular situation with them.

 

Noel Pettersen

Chief Executive Officer

National Insurance Broker Association”

 

Procedures for claiming a refund

The refund must be claimed from the New South Wales Office of State Revenue (OSR) and it is the responsibility of the relevant policyholder to make the refund claim and the role of the insurance broker is simply to assist the client to do so.

 

Eligible policyholders can use OSR’s application form Request for Refund of Duty on Insurance taken out with Non-Registered / Unauthorised Insurers which is available for download at www.osr.nsw.gov.au . The form can then be lodged with the Chief Commissioner of State Revenue, Office of State Revenue, GPO Box 4042, Sydney, NSW 2001 and marked to the attention of John Renshaw, Manager Returns. Any enquiries can be made by calling 1300 139 817 or via email at returns@osr.nsw.gov.au . This website also has answers to Frequently Asked Questions on the topic.

 

Given that a large number of policies are likely to be involved it may take clients several weeks after they lodge their application before they receive any refund that they may be entitled to.

 

Alternatively you as the client can call upon your insurance broker to provide more details on the Qantas decision and to assist in preparing your claim. Should you, as the client, have changed insurance brokers, then your current broker can also assist by obtaining the relevant details from your previous broker.

 

In order to obtain a refund, clients will need to provide OSR with evidence of the duty paid. OSR has agreed that the necessary evidence can be supplied by the client’s insurance broker even where an underwriting agent or Lloyd’s coverholder paid the original duty.

 

The full list of information required to make the claim is as follows:

1.      The name of the insurance broker.

2.      If the insurance broker reserved their clients’ rights to a refund, the date on which OSR reserved those rights.

3.     The name of the insurance intermediary that made the original payment to OSR together with their OSR Client ID (if known).

4.      The name of insured.

5.      The type of insurance.

6.      The name of the insurer.

7.     The insurance broker’s transaction reference, e.g. invoice number or policy number.

8.      The period of the insurance.

9.      The premium amount.

10.  The stamp duty amount.

11.  The month and year that payment of stamp duty was made to OSR.

 

How can E-Quine Insurance Services Pty Ltd assist you in making the claim?

We at E-Quine Insurance Services Pty Ltd, can assist you in making your claim for a possible refund of insurance stamp duty paid. Irrespective of whether you currently have an insurance broker or not, please do not hesitate to contact us on 02 9988 4546 or via email at enquiries@e-quine.com.au and we will gladly assist you in completing a claim form.


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