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Draft ruling on abolition of duty on business insurance open for consultation
We have published draft Revenue Ruling DA-068, which provides guidance on the abolition of duty on business insurance.
Published on 28 August 2024Duty on business insurance is being progressively reduced over a 10-year period from 1 July 2024. Draft DA-068 is a new ruling that provides guidance on the application of the amended provisions in the Duties Act 2000 including:
- what business insurance is, and
- the circumstances where the reduced rate of duty will apply to business insurance.
Feedback is welcome by email to consultation@sro.vic.gov.au until 5 pm Wednesday 25 September 2024.