Have your say on Emergency Services Levy
The ever increasing Emergency Services Levy is of concern to so many of us in the insurance industry.
A panel reporting to New South Wales Treasury is preparing a report, which like every enquiry I know of recommends the removal of the unfair and unjust tax.
Before the Panel delivers its Final Report to government, views on the draft recommendations are welcome. Please take the time to write and express your views. You need to do so before the end of July by contacting the Review Secretariat at FFRReviewSecretariat@treasury.nsw.gov.au
If you do not and the changes you want do not happen you only have yourself to blame. We all need to do our bit to get rid of this once and for all.
On the idea of a land tax to replace stamp duty this seems very unfair on those that have purchased property in the last few years and paid huge stamp duties and will now be slugged with higher land tax moving forward.
Hi Allan,
I have emailed the address you noted – here’s to hoping we see some good come of it!
This would of course reduce the GST & Stamp Duty amounts as well, given they are compounding amounts which include the ESL. I often receive comments how wrong it appears that these amounts compound.
Done!
Have those who advocate for applying this levy on insurance ever thought what would happen if premium income decreased? Reflecting on that for a nano second would suggest a better way to fund services that are needed in the direst of times.
Hi Tim,
This happened a few years back with both our Terrorism Levy and Fire Service Levy. In the case of terrorism levy the levy went up but of course has not gone down now premiums are on the increase.
With the Emergency Services Levy, insurers are told how much they have to collect and it is up to them to move the rate up and down to collect the right amount.
Under the ridiculous system, the industry could not employ one actuary to work this out, each and every insurer had to do their own and were fined if they over collected.
A horrible system every single way you look at it.
Stay safe and well,
Allan