Small Business Exemption from Stamp Duty – Barristers’ Professional Indemnity Insurance

08/05/2018

Practice support

It is understood that most barristers at the New South Wales Bar, as a 'small business', would have an annual turnover of less than $2 million and therefore would be exempt from stamp duty on insurance policies taken out after 1 January 2018, including professional indemnity insurance.

The brokers/insurers who have approved professional indemnity policies for 2018-19 are all aware of this new exemption for small business and as such have advised the Bar Association that they have appropriate systems in place for barristers to declare they are exempt from stamp duty on their premiums. These systems range from simply asking their clients to indicate 'yes' or 'no' on their renewal whether they are a small business eligible for the exemption to the requirement that clients complete an exemption form.

For more information and to check if you are eligible to claim an exemption, please visit Revenue NSW.

If you have any questions regarding whether you are exempt, please contact your insurance provider direct. Contact details for each provider are on the Bar Association’s website.