NSW will remove a requirement for small businesses to provide a written declaration to be eligible for new exemptions from insurance stamp duties.

A bill introduced in Parliament gives the Chief Commissioner of State Revenue discretion to determine the form in which a declaration should be made.

“This reflects the insurance industry’s increasing use of verification technologies that do not involve written declarations,” the bill says.

“The amendment also provides flexibility for any future changes in such technologies.”

The National Insurance Brokers Association (NIBA) says Revenue NSW is expected to draft a practice note giving guidance on how a small business declaration can be provided.

“NIBA is liaising with Revenue NSW on this and will provide an update shortly,” CEO Dallas Booth says.

The Insurance Council of Australia, NIBA and Revenue NSW have been in talks about the stamp duty exemptions for crop and livestock cover and specified types of small business insurance.

The changes, announced in the June state budget, take effect next year.