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If you are an insurer and have written a contract of life insurance or received premiums, you must lodge an insurance duty return.
Who pays insurance duty?
Insurance duty must be paid:
- by the insurer each time a premium is paid for a contract of general insurance
- by the insurer each time an insurer writes a contract of life insurance
- by WorkCover Queensland each time net premiums are charged for accident insurance
- by the insured if duty is not paid to the insurer.
Note: An insurance intermediary is not a general insurer or a life insurer.
Can I self assess duty?
Registered general and life insurers can apply to self assess insurance duty through OSRconnect (our online lodgement system).
If you are not registered as a general or life insurer but have effected or renewed general or life insurance, you can self assess insurance duty by completing a paper return.
How do I calculate duty?
The amount of insurance duty that you have to pay is based on the following:
- for general insurance—the total amount of the premiums received in the return period
- for a contract of temporary or term life insurance—the total amount of premiums received in the return period
- for other life insurance contracts—the amounts of the sums insured for the contracts written in the return period.
See insurance duty rates to work out the amount of duty owing.
Apportionment of premiums between jurisdictions
If the contract insures property in Queensland as well as another state, or insures lives of people living in Australia at least one of whom has a home in Queensland, the premium may be apportioned.
Refunds
If you have already paid us insurance duty and then refund all or part of an insurance premium, you can deduct the duty amount paid on the refunded premium in your next insurance duty return.
How do I lodge my return?
Lodging online
- Make sure your system is compatible with OSRconnect.
- View our lodging an insurance duty return tutorial.
- Log on to OSRconnect and lodge your return.
- Pay insurance duty, plus any unpaid tax interest and penalty tax (if applicable).
You can nominate a bank account to make direct debit payments through OSRconnect.
Paper lodging
- Complete a Form 8.1—Insurance duty return (PDF 375 K) (overseas insurers/brokers only) or
Form 8.2—Insurance duty statement (PDF 335 K). - Lodge this form with our office.
- Pay insurance duty, plus any unpaid tax interest and penalty tax (if applicable).
When is my return due?
Lodging online
Insurance duty returns are due each month. Your monthly return must be lodged and paid for on or before the 21st day of the month following the return period. For example, your August return must be lodged and paid for on or before 21 September.
Even if no premiums were paid during the return period, you must still lodge a 'nil' return.
Paper lodging
You must lodge your return within 30 days after receiving an insurance premium.