NobleOak Life (ASX:NOL) said it is engaging with the State Revenue Office of Victoria to determine the potential application of the amendments to the Victorian Duties Act 2000 for applicable insurance contracts in Victoria from Jan. 1, according to a Thursday Australian bourse filing.
It currently pays stamp duty on relevant insurance policies in all Australian states except Victoria due to its status as a friendly society.
The recent changes amend the stamp duty exemptions that were previously available to friendly societies for insurance contracts insuring residents of Victoria. Such changes generally do not apply to death benefit premiums.
Its shares fell 2% on market close on Thursday.
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