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.
Any advice and information on this website is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (‘AMP Life’), which is part of the Resolution Life group. 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 AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757. Insurance and Investment products are issued by AMP Life.
AMP Limited ABN 49 079 354 519 has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS or policy documents for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited. AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page. If you decide to purchase or vary a financial product, AMP 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 they pay or the value of their investments. You can ask us for more details.
All information on this website is subject to change without notice.