Insurance Protection Tax Act 2001 No 40
12 Apportionment of premiums between New South Wales and other places
(1) This section applies to a contract of insurance that insures:
(a) property in New South Wales as well as property in another place, or
(b) a risk, contingency or event concerning an act or omission that, in the normal course of events, may occur within, or partly within, New South Wales as well as within, or partly within, another place,
(2) It is the intention of this section to provide the means for apportioning premiums received in relation to a contract of insurance to which this section applies between New South Wales and another place.
(3) The Chief Commissioner may, from time to time, adopt a Schedule of Apportionment for the purpose of apportioning premiums, or premiums received for specific classes of insurance, in accordance with this section.
(4) The Schedule of Apportionment may be developed in consultation with any person the Chief Commissioner considers suitable.
(5) A premium is to be apportioned in accordance with the Schedule of Apportionment adopted for the time being, except as provided by this section.
(6) An insurer may apply in writing to the Chief Commissioner to apportion a premium on a basis other than that provided by the Schedule of Apportionment. The Chief Commissioner may apportion the premium on the other basis.
(7) In particular, if the Chief Commissioner is not satisfied that a premium received in relation to a contract of insurance has been properly apportioned for each risk insured, the Chief Commissioner may determine the apportionment, reassess the liability to tax and charge tax accordingly.