SES levy passes NSW Parliament
The new State Emergency Service (SES) levy on insurance policies has passed the NSW Government despite opposition from the insurance industry.
The new levy on insurance policies will commence from July 1 next year, and is intended to raise $39 million a year.
Legislation was included in the State Revenue and Other Legislation Amendment (Budget Measures) Bill and has passed both chambers of the NSW Parliament.
While the legislation duplicates much of the legislation applicable to the fire services levy, as the law stands insurers will be required to disclose the SES levy separately.
Changes to IT systems are expected to cost the insurance industry at least $20 million.
ICA wants the legislation amended to allow a single entry on invoices indicating the total amount payable for fire and emergency services levies.
Insurers have criticised the NSW Government for a lack of consultation and for acting contrary to recommendations made in October by the state’s economic regulator, which was highly critical of “inefficient” insurance taxes.
The new levy on insurance policies will commence from July 1 next year, and is intended to raise $39 million a year.
Legislation was included in the State Revenue and Other Legislation Amendment (Budget Measures) Bill and has passed both chambers of the NSW Parliament.
While the legislation duplicates much of the legislation applicable to the fire services levy, as the law stands insurers will be required to disclose the SES levy separately.
Changes to IT systems are expected to cost the insurance industry at least $20 million.
ICA wants the legislation amended to allow a single entry on invoices indicating the total amount payable for fire and emergency services levies.
Insurers have criticised the NSW Government for a lack of consultation and for acting contrary to recommendations made in October by the state’s economic regulator, which was highly critical of “inefficient” insurance taxes.