The NSW Office of State Revenue (OSR) has modified its demands for information from general insurance brokers after discussions with the National Insurance Brokers Association. The OSR is charged with collecting stamp duty and income protection tax – some of the “hidden taxes” which take millions of extra dollars from policyholders.

It’s understood the OSR campaign has been launched as part of an audit of payments made by parties other than authorised insurers.

While it has also requested some information about FSL and GST payments, it won’t be auditing these payments. It appears the OSR is trying to ensure brokers are doing the thing that maximises the state’s take on premiums – including FSL and GST payments in the premium prior to calculating the duty and tax.

While the audit was originally intended to cover a four-year period, it will now only apply to the period from June 30 2003 to July 1 2005. Brokers have until September 30 to respond.