Revenue NSW’s Insurance duty guidance says insurers and insurance intermediaries must keep the listed records for 5 years (figures checked 1 October 2026). Revenue NSW says those records may be requested for audit and assessment purposes.
What records must be kept for 5 years?
Revenue NSW lists the following records:
| Record | Details |
|---|---|
| Member and policy information | Member- and policy-level data |
| Insured property | The nature and location of the property insured |
| Risks, contingencies and events | The nature and location of each risk, contingency or event insured |
| Contract premiums | The premiums paid in relation to each contract of insurance |
| Duty calculations | Anything that supports the duty calculations |
This is broader than keeping a premium receipt. It also covers policy information, the insured property and risks, and support for the duty calculations.
Does the 5-year rule apply to every cleaner?
Revenue NSW’s direction is addressed to insurers and insurance intermediaries. An insurer is either a general insurer or a life insurer.
The published wording does not state that every cleaner or insured person must keep all of the listed records for 5 years. A cleaner buying insurance should check with the insurer or intermediary about any records relevant to the policy.
How is insurance duty connected to the premium?
Revenue NSW says insurance duty is calculated on the premium paid to establish insurance. Generally, the insurer must pay the duty.
The guidance describes a premium as follows:
| Premium point | Revenue NSW explanation |
|---|---|
| Meaning | A premium is the total amount paid to an insurer for insurance. |
| Possible inclusions | It may include a fire service levy, an emergency service levy and GST. |
| Exclusions | It does not include a fee paid to an intermediary or any amount of duty. |
| Payment timing | A premium is paid when it is received by the insurer, broker or agent. |
The recordkeeping requirements include the premiums paid for each insurance contract, as well as anything supporting the duty calculations.
Why might Revenue NSW request these records?
Revenue NSW may request the records for audit and assessment purposes. The listed records include policy and risk information, contract premiums and supporting calculation material.
What if a premium is paid to someone who is not a registered insurer?
Revenue NSW says the premium is treated as if it were paid to a registered insurer. Insurance duty remains payable on that premium, and the insured person must pay the duty.
What happens if a premium is refunded?
If a premium is refunded, the insurer can apply to Revenue NSW for a refund of the duty or an offset against future liabilities.
If you are the insured person, contact the insurer for a refund of the duty. The guidance describes an application process, so a premium refund should not be assumed to guarantee a duty refund.
Which legislation does Revenue NSW list?
Revenue NSW identifies the following applicable legislation:
- Duties Act 1997
- Taxation Administration Act 1996
- Insurance Act 1973
- Life Insurance Act 1995
Check the regulator page for the current version of the requirements.
What should a cleaner or policyholder check?
This is general information, not financial or legal advice. Check:
- the Revenue NSW regulator page for the current insurance duty and recordkeeping requirements;
- your policy’s PDS for policy-specific information; and
- the insurer or intermediary about relevant records or a duty refund following a premium refund.
Sources
- Insurance duty | Revenue NSW — figures checked 1 October 2026
FAQ
Does every cleaner have to keep insurance duty records for 5 years?
The quoted Revenue NSW direction applies to insurers and insurance intermediaries. It does not state that every cleaner, simply as an insured person, has the same obligation to keep all of the listed records for 5 years.
What records must insurers and intermediaries keep?
The records include member- and policy-level data, the nature and location of the insured property, the nature and location of each insured risk, contingency or event, premiums paid for each insurance contract, and anything supporting duty calculations.
Can Revenue NSW request the records?
Yes. Revenue NSW says it may request the records for audit and assessment purposes.
What happens if a premium is paid to someone who is not a registered insurer?
Revenue NSW says it is treated as if the premium were paid to a registered insurer. Insurance duty remains payable, and the insured person must pay the duty.
What should an insured person do after a premium refund?
Contact the insurer about a duty refund. The insurer can apply to Revenue NSW for a refund of the duty or an offset against future liabilities.
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