From 1 July 2013 the levy on insurers (FSL) will transfer to a property based levy to be collected through council rates and will no longer form part of your insurance premium.

The table below illustrates the potential savings on insurance premiums (or policy sections) that currently attract FSL – the GST and Stamp Duty also reduce by removing the FSL.

Premiums will be reduced by the amount of the FSL (+ GST and Stamp Duty) unless there is a change in policy coverage or risk rating factors.

 

Last Years Premium

Renewal Premium

Difference

 

 

 

 

Annual Base Premium:

$1,250.00

$1,250.00

 

FSL:

44.0%

550.00

0.00

 

GST:

10.0%

180.00

125.00

 

S/Duty:

10.0%

198.00

137.50

 

Total Premium:

$2,178.00

$1,512.50

($665.50)

 

Further information can be found at the following Victorian Government websites:

www.firelevymonitor.vic.gov.au

www.firelevy.vic.gov.au