Dollar-for-dollar insurance taxes almost a reality in Victoria
Rural commercial insurance-buyers in Victoria are being forced to pay nearly $1 in tax for every $1 in premium after another hike in the state’s fire services levy (FSL).
The FSL on rural commercial policies in Victoria now stands at 63% after a five percentage point hike.
Policyholders will pay $197.23 for every $100 in basic premium, including GST and stamp duty.
NIBA CEO Noel Pettersen told insuranceNEWS.com.au that fighting high insurance taxes is a “long haul issue” for the industry.
“It is made even more difficult by tough economic times where state governments will be extremely reluctant to hand over their cash cow from levies on our industry,” he said.
InsuranceNEWS.com.au understands opposition Liberal and National representatives are currently discussing alternative methods of funding the fire services in Victoria.
The FSL on rural commercial policies in Victoria now stands at 63% after a five percentage point hike.
Policyholders will pay $197.23 for every $100 in basic premium, including GST and stamp duty.
NIBA CEO Noel Pettersen told insuranceNEWS.com.au that fighting high insurance taxes is a “long haul issue” for the industry.
“It is made even more difficult by tough economic times where state governments will be extremely reluctant to hand over their cash cow from levies on our industry,” he said.
InsuranceNEWS.com.au understands opposition Liberal and National representatives are currently discussing alternative methods of funding the fire services in Victoria.