In a bold move to counter inefficient taxation, the state of Victoria and the Australian Capital Territory has officially scrapped Stamp Duty from all life insurance products. The Financial Services Council stated that abolishing Stamp Duty ensures a dollar in the pocket for all Victorians.
The Financial Services Council has also encouraged all other states to follow, as this is a great step towards removing inefficient tax and abolishing red tape. FSC chief executive John Brogden also called Stamp duty an “unnecessary burden” on the life insurance industry on a national scale.
Read more about this on the Financial Standard website.