Insurance facts and figures 2007 - PwC

Taxation
5
LIFE INSURANCE
Life Insurance Supervisory Levy Imposition Act 1998
Financial Institutions Supervisory Levies Collection Act 1998
This annual levy is based on a percentage of the value of assets of a life insurance
company at a specified date. The unrestricted and restricted levy percentage, the
specified date, and the minimum and maximum restricted levy amount for each financial
year are determined by the Federal Treasurer (2006/2007: unrestricted levy of
0.000981 per cent of assets; restricted levy of 0.0054 per cent of assets;
minimum restricted levy: $470; maximum restricted levy: $700,000).
5.5 Stamp duty
GENERAL INSURANCE
Stamp duty is generally chargeable on the amount of the premium paid in relation to
an insurance policy (including any fire service levy where applicable). The amount of
GST or reimbursement for GST is generally included in the amount on which duty is
calculated. The rates of general insurance duty vary in each state and territory and in
some states, by class of insurance.
Generally, the liability for duty on general insurance policies falls on the general insurer.
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