Changes to Queensland’s insurance duty legislation
Source: Queensland. Treasurer and Minister for Employment and Economic Development. Media Release
"The state government will legislate to close insurance duty liability loopholes for insurance taken out with overseas insurers. “Following a New South Wales Court of Appeal decision that saw a major company not have to pay insurance duty on contracts entered into with overseas-based insurers, the Queensland government will amend legislation to ensure that in future, duty is paid in similar circumstances,” Treasurer Andrew Fraser said. Contracts with Australian insurers attract the obligation and we will clarify the law to ensure liability cannot be escaped through using offshore insurers."