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ICA renews push to remove SA stamp duty

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The Insurance Council of Australia (ICA) has again urged the SA Government to scrap stamp duty on insurance products sold in the state.

“The council has long advocated the benefits of state and territory governments in Australia harmonising as far as possible their taxation policies and practices, including the stamp duty exemptions provided,” CEO Rob Whelan says in a submission to Revenue SA.

“Stamp duty exemptions help address the issue of underinsurance and non-insurance… which can have a devastating financial impact on individuals and businesses.”

He urges the Government to “to consider the potential benefits of broader reforms to its tax regime”.

In SA general insurers pay stamp duty at 11% of premium subject to duty.

ICA’s submission expresses support for plans to rewrite the Stamp Duties Act, which includes amending the general insurance statement due date to the 21st of each month, in alignment with all other jurisdictions.

Current regulations require statements to be lodged by the 15th of every month.