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We have been undercharging stamp duty to Queensland Flexible Lifetime – Protection (FLP) customers who commenced their policies after 1 August 2013. On that date, Queensland stamp duty rates for relevant life insurance benefit types increased from 7.5% to 9%.
On 11th September 2020, the QLD stamp duty rates for FLP will be updated in AMP Illustrations Plus (iPlus) to reflect a ‘default’ rate of 9% in any increase/alteration quotes.
As a result of the adoption of the default rate there will be an impact to increase quotes for policies with:
- a residential address in QLD, according to AMP Life’s records, and
- a commencement date prior to 1 August 2013.
The stamp duty rate in the quote will be overstated by up to 1.5% however these customers will continue to be charged a 7.5% stamp duty rate on their policy.
We plan to update our Product Administration systems to reflect the actual stamp duty rate in 2021. Further details on impacted customers and when the change will occur will be announced closer to this date. It is important to note that we will not be charging customers for the stamp duty we undercharged on their past insurance premiums.
Important information
Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters.
Products in the National Mutual Retirement Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757. Insurance and Investment products are issued by Resolution Life.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.
All information on this website is subject to change without notice.
