Unfair Insurance Taxes
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Join NIBA's campaign to educate Australian insurance buyers about state insurance taxes.
"What you need to know about taxes on insurance" is a discussion paper which examines the background and effects of insurance taxes, how they work and the much fairer funding alternatives.
Insurance is taxed as a “sin tax”, with levels equal to taxes on gambling and alcohol. |
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| Victoria and NSW are the highest taxed states in Australia.
Victoria is actually the highest taxed place in the world when it comes to insurance.
As a policyholder, you are paying a number of taxes including GST (10%), stamp duty (7.5-11%) and – in NSW, Victoria and Tasmania – a fire services levy (up to 72%).
The fire services levy exists in NSW, Victoria, and Tasmania (all other states and territories have abolished it). What it means is insured homeowners and businesses pay a tax to pay for the state’s fire services. Uninsured people don’t pay, and they still get the use of the fire services.
High taxes add to the cost of insurance, and add to Australia’s problem with non-insurance and under insurance.
Find out how much you're paying Contact your Premier or Local MP |
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