Submission on NSW government discussion paper - Funding our emergency services

IAG believes the current regimes for the taxation of insurance in New South Wales, are indefensible upon the generally accepted taxation principles of simplicity, efficiency and equity. These tax regimes are inappropriate, regressive and based on historical circumstances rather than equity. These regimes contribute to under-insurance and non-insurance, with consequential negative fiscal impacts when the public purse is inevitably called upon in times of climate related disasters. Ensuring that property owners pay for these services would provide for a fairer and more rational system that would spread the burden equitably.