NSW Stamp Duty reduction and Cyber breach laws – Has your insurer/agent/broker made you aware of the latest developments?

  1. Since January 1st there is an exemption for ‘small’ businesses in NSW on Stamp duty for certain insurance policies. This is a reduction in taxes which doesn’t happen very often so don’t miss out.
  2. From February 22nd, the Notifiable Data Breach scheme commences and businesses and organisations can be fined for not notifying affected parties up to $360,000 for individuals (sole trader/partnerships) and $1.8 million for organisations/companies. If you are hacked and information is copied or stolen (a data breach) regarding your customers and/or suppliers then you must notify those affected as soon as possible and take steps to increase your security or otherwise face huge penalties. Breaches also need to be reported to the Office of the Australian Information Commissioner (OAIC).

If you would like to find out more, please feel free to message or call me on 0452 100 800.

Martin Andrews B.Com Tier 1
Principal – Business Insurance Broker (Aust) Pty Ltd