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Industry dissatisfied with insurance premium taxes and levies

  • by The Quotesonline Team

The 2009 Macquarie Bank’s Broking Benchmarking Survey reveals that over 70 percent of insurance brokers in Australia think the current level of tax and levies on insurance premiums are grossly inequitable. 

This view was held most strongly among Victorian and Tasmanian businesses with 90 per cent of this region voting they were inequitable. The view was least prominent in Western Australia with only 19.4 per cent of businesses feeling insurance premiums taxes and levies were unjust. Only 3.8 per cent of respondents overall thought the levels were effective.

However, it seems brokers have resigned themselves to their needs not being met. Almost half predicted that the chance of change in the current application of taxes and levies on insurance premiums in the next 18 months was very low.

Brokers from Victoria and New South Wales held strong views on this issue commenting as follows:

“State levies on premiums are at outrageous levels.”

“Taxes on policies, its time to march in the streets.”

 “Government taxes on premiums – make it a voting issue as we head into state election in 2011.”

“Fire brigade levy, all parties must lobby their MPs. A mail out to all clients requesting they flood their disapproval. A stronger voice from groups – Steadfast, NIBA.”

As expected, Western Australian brokers were satisfied with the current taxation system given what many consider is a more equitable approach to funding fire services through property rates rather than through insurance premiums .

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