STAMP DUTIES ACT 1923 - SECT 35
STAMP DUTIES ACT 1923 - SECT 35
35—Lodgement of statement and payment of duty—life insurance
(1) A life insurer who
is, or is required to be, registered is liable under this section to pay duty
in respect of each premium relating to life insurance paid to the insurer and
must, for that purpose, on or before 31 January of each year—
(a)
lodge with the Commissioner a statement in the approved form setting out the
total amount of—
(i)
all such premiums received by the insurer in the
preceding calendar year; and
(ii)
any such premiums credited to an account of the insurer
(but not received by the insurer) in the previous calendar year that the
insurer chooses to include; and
(b) pay
to the Commissioner duty equivalent to 1.5% of that amount.
(2) If a premium that
is credited to an account of the insurer but not actually received by the
insurer is included in the statement lodged under subsection (1) for the
year in which the premium is credited, the insurer need not include the
premium in the statement lodged for the year in which the premium is received
by the insurer.
(3) Subject to
subsection (4), if—
(a) a
premium that is credited to an account of the insurer but not received by the
insurer is not included in the statement lodged under subsection (1) for
the year in which the premium is credited; and
(b) the
premium is not received by the insurer in the following calendar year,
the premium will be taken, for the purposes of this section, to have been
received by the insurer in that following calendar year and is therefore to be
included in the statement for that year.
(4)
Subsection (3) does not apply in relation to a premium that is not
received by the insurer because the policy in relation to which the premium
was credited is cancelled.
(5) For the purposes
of subsection (1)—
(a) a
reference to a premium—
(i)
does not include an amount in respect of stamp duty
received or charged in respect of a premium; and
(ii)
is a reference to a net premium, and any commission or
discount is not to be taken into account; and
(b) the
amount of a premium paid for life insurance in respect of a person whose
principal place of residence was not in the State at the time the policy
providing the insurance was issued is not to be taken into account; and
(c) the
amount of a premium refunded during the year to which the statement relates
(whether the premium was received during that year or earlier) is not to be
taken into account; and
(d) an
amount that is paid from an account established for investment to an account
established for insurance of a risk under a policy providing life insurance
will be taken to be a premium received under that policy for insurance of that
risk.
(6) To avoid doubt,
the duty payable under subsection (1) is payable in respect of a premium
relating to life insurance, irrespective of whether the premium is payable
under a policy in relation to which premiums are also payable for insurance
that is not life insurance.