The Victorian State Revenue Office is phasing out stamp duty on business insurance premiums.
From 1 July 2024 there will be a 1% per annum reduction in duty until it is abolished from 1 July 2033.
As a result, the GST component on your business insurance premium will change each year.
Keep an eye on this when you are completing you BAS to ensure you are claiming the correct amount of GST.
If we complete your BAS for you, we will request copies of invoices for all insurance premiums to make sure you maximise you GST claim.
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