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Taxes on insurance now exceed the cost of the insurance!

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  • Taxes on insurance now exceed the cost of the insurance!

    Just a bit of a rant here, I notice from the latest property insurance invoice for one of my 2-brm units, that although the actual premium itself has had its usual double digit annual increase (to ~$530), due to the increase in EQC levy from $200 to $300 this plus the other taxes (Fire, GST, Natural Disaster) now come to about $620 so well above the cost of the actual provision of service ie taxation rate > 100%.

    Might drop this into conversation next time tenant complains about rent increase (well, its $11pw for insurance and $12pw to the Govt for tax on same...)

    What, rental housing shortage, cant think why...

  • #2
    But, but they're not increases in taxes, according to Taxcindarella et al.
    They're simply 'adjustments' to existing levies & charges.
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    • #3
      Silly me...

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      • #4
        EQC levy isn’t tax it’s an insurance premium for the portion of the cover they have reinsured with EQC.

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        • #5
          Its imposed by the govt, its a tax

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          • #6
            Or a levy, or a surcharge or a service fee or an excise or a user charge or a . . . .
            Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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