London, January 29, 2013 – Insurance Premium Tax (IPT) and parafiscal tax specialist FiscalReps has marked Australia Day on 26 January by launching IPT compliance services to cover clients’ premium tax obligations in Australia and New Zealand.
Insurance premiums in both Australia and New Zealand are subject to taxation. In Australia, however, insurance premiums present additional challenges thanks to the fact that individual states and territories enjoy tax-raising powers in addition to those wielded by the country’s federal authorities.
Mike Stalley FCA, Founder and Chief Executive of FiscalReps, says: “Doing business in Australia and New Zealand presents unique challenges for insurers, insureds, risk managers and captive managers. If you do have IPT compliance responsibilities in Australia and New Zealand, FiscalReps can now develop an IPT compliance solution for you that meets your specific requirements.
“FiscalReps can confirm your exact exposure to premium taxes in both territories. We can also verify the economic tax cost of doing business in Australia and New Zealand, as well as the legal duties and responsibilities you have in relation to premium taxes in either country. These insights will help our clients overcome a potentially confusing barrier to informed decision making.”
To help insurance specialists achieve certainty over their premium tax responsibilities in Australia and New Zealand, FiscalReps has developed a tailor-made compliance manual. Constructed to meet clients’ specific requirements, it incorporates regulatory information based on individual organisations’ status in both countries.
In addition, FiscalReps can assist with registrations, filing and settling the relevant premium tax returns, offers consultancy advice and can enter into dialogue with the premium tax authorities on behalf of an organisation, on either a named or non-named basis.
Stalley says: “Navigating premium tax compliance responsibilities in New Zealand and Australia is far from easy. FiscalReps’ compliance process and operational expertise has been perfected over many years and is tailor-made to client requirements, ensuring we can help them develop a clear understanding of IPT obligations in this region.”
For more information about FiscalReps’ IPT compliance solutions for Australia and New Zealand, visit http://www.fiscalreps.com/anz/.
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NOTES TO EDITORS
FiscalReps is an independent consultancy that helps insurance businesses to comply with IPT, VAT and parafiscal taxes internationally. The company is the European market leader, with a client list that includes many top insurers, brokers and corporate captive owners. Further information is available at: www.fiscalreps.com.
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