NSW ESL Changes
The NSW State Government has provided the above information regarding continuing increasing costs of the Emergency Services Levy on your insurance premiums after the 1st July 2019.
The information may sidestep the fact that only NSW and Tasmania continue to fund Emergency Services via a Levy on Insurance Premiums. This means those who are prudent enough to insure their property are unfairly burdened with these costs that should be shared by all property owners.
It also may not highlight that after the ESL increases on July 1, NSW households will typically pay more than 50% in taxes on insurance, and small businesses could be paying up to 70%. A situation described as 'obscene' by one prominent Industry participant. Only products like cigarettes and alcohol suffer taxes at levels designed to discourage sales such as these.
More information from the NSW Government appointed 'Emergency Services levy Insurance Monitor' is available at www.eslinsurancemonitor.nsw.gov.au
The information may sidestep the fact that only NSW and Tasmania continue to fund Emergency Services via a Levy on Insurance Premiums. This means those who are prudent enough to insure their property are unfairly burdened with these costs that should be shared by all property owners.
It also may not highlight that after the ESL increases on July 1, NSW households will typically pay more than 50% in taxes on insurance, and small businesses could be paying up to 70%. A situation described as 'obscene' by one prominent Industry participant. Only products like cigarettes and alcohol suffer taxes at levels designed to discourage sales such as these.
More information from the NSW Government appointed 'Emergency Services levy Insurance Monitor' is available at www.eslinsurancemonitor.nsw.gov.au
