A company, person or firm that is not required to be registered as an insurer that obtains, effects or renews, outside the State, a policy of insurance (except life insurance or a premium paid or payable in respect of life insurance, and premium paid for personal accident insurance in respect of a person whose principal place of residence was not in South Australia at the time the policy providing the insurance was obtained, effected or renewed) wholly or partly in respect of property in the State, or a risk, contingency or event occurring in the State, must, within one month of obtaining, effecting or renewing the policy lodge with the Commissioner a Statement containing such particulars of the policy and other information as the Commissioner requires in the particular case and pay relevant duty to the Commissioner.

What stamp duty is payable?

The duty is 11% of any premium paid or payable to the insurer in respect of the policy.

Calculate stamp duty on general insurance

The Commissioner may allow a rebate of the duty payable on that proportion of any premium (except premium paid for personal accident insurance in respect of a person whose principal place of residence was in South Australia at the time the policy providing the insurance was obtained, effected or renewed) that is, in the Commissioner’s opinion, properly attributable to the insurance of any property outside South Australia or any risk, contingency or event occurring outside South Australia.  Any such proportion should be returned to the State Revenue Office of the Australian jurisdiction in which the risk is located. The General Insurance Apportionment Schedule can assist with apportionment across jurisdictions.

How do I lodge a Statement?

All Statements are lodged electronically on RevenueSA Online. Access RevenueSA Online to register. Each Australian Business Number (ABN) requires its own registration.

If no stamp duty is payable, you do not need to lodge a Statement.

In most cases the insured will contract a broker or agent to acquire the insurance policy and act as a lodging party on their behalf, however if no broker or agent is contracted, the insured must lodge the Statement and pay the duty.

What happens if the premium has been refunded?

Premium (excluding stamp duty) refunded by an insurer to the policy holder (and that takes into consideration any apportionment that was originally declared), where the premium has previously been declared to the Commissioner and stamp duty paid on that premium by the insured and/or their lodging party, can be taken into account in determining the premium subject to duty or claimed as an outright refund (depending on the circumstances of the situation).

Where premium refunded exceeds net premium, duty on the exceeded amount is taken to be an overpayment of tax pursuant to Section 41 of the Act, and the Statement is treated as an application for refund pursuant to Part 4 of the Taxation Administration Act 1996.

Does GST form part of the premium subject to duty?

Stamp duty is calculated on the GST inclusive value of a premium.

Find out more about the GST provisions in Information Circular No. 22.

Contact Us