The SA Government expects to collect $486.3 million in insurance taxes this financial year, up 5.7% on the previous year, state budget figures released last week show.

The total, which includes stamp duty on life insurance, general insurance and compulsory third party (CTP), was revised up by about $13 million from last year’s budget estimate.

“This is mainly due to higher than expected growth in duty from general insurance premiums,” the budget papers say.

The tax collection is expected to rise by about 2.4% next financial year to $497.8 million and then increase about 4% annually to reach $560.4 million in 2022/23.

Expected tax collection for next financial year comprises $369 million from general insurance, $73 million from CTP renewal certificate duties, $50 million from CTP cover and $6 million from life insurance.