19 March, 2008

Client update: Stamp duty refund application (NSW, QLD and Tas)

In December 2008, Marsh alerted clients to the possibility of refund entitlements on Stamp Duty paid on certain insurance policies placed with offshore insurers. Affected clients were informed that Marsh would proceed to lodge bulk applications on their behalf to the Revenue Offices in NSW, Tasmania, ACT and Queensland.

Marsh has since received acknowledgement of receipt from the NSW and QLD Offices of State Revenue and the Department of Treasury and Finance of Tasmania.
The NSW Office of State Revenue has advised Marsh that its refund request will be held pending a final decision of the appeal of the Qantas Airways Ltd v Chief Commissioner of State Revenue [2008] NSWSC 1049.'

The QLD Office of State Revenue has similarly informed Marsh that a decision regarding Marsh’s application remains pending.

In Tasmania, the Department of Treasury and Finance has stated that, in its opinion, there is no entitlement to a refund of the duty paid by Marsh on behalf of offshore insurers.

Marsh will advise clients of any further developments on this matter via its website.