The Queensland Office of State Revenue has released DA375.1.1: Administrative arrangement – s 375 of the Duties Act 2001 – insurance duty exemption for health insurance.
Section 375 of the Duties Act provides that insurance duty is not imposed on a contract of insurance entered into in the course of an insurer’s health insurance business as defined in the Private Health Insurance Act 2007 (Cth). The administrative arrangement, effective from 14 October 2014, was approved to permit the Commissioner of State Revenue to administer the exemption in a manner consistent with the jurisdictions mentioned above, pending amendment to the Duties Act. As a consequence, as from 14 October 2014, s 375 of the Duties Act is administered on the basis that insurance duty is not imposed on medical benefits insurance, being insurance effected by a contract of insurance that is issued by a private health insurer within the meaning of the PHI Act and that provides hospital benefits or medical benefits (or both), whether or not other benefits are also provided.
[LTN 204, 22/10/14]