Insurance duty return tutorial

This guide will help you to lodge an insurance duty return using OSRconnect.

Note: The fields marked with an asterisk (*) are mandatory.

On the Lodgement Obligations tab:

  1. Locate the return you wish to complete by viewing the Period column.
  2. Select Create to display the return.

If you see a transaction number in the Transaction No. column, the return has been saved in draft. You can click on this number to open that return.

Lodgement obligations tab for insurance duty returns

Your client and period details will appear automatically on this screen.

  1. You can enter your own reference (optional).
  2. Select Save at any time to save your data.
    This will generate the transaction number (which will also become your payment reference number).
  3. Select Exit to return to the Lodgement Obligations tab.
  4. Click Next to continue.

The identification stage for an insurance duty return

  1. Complete the Value of premiums and Duty payable fields for all insurance types that apply to you.
  2. Complete the Deductions field for any duty refunded.

A deduction can only be claimed if this return is lodged within 5 years of the original return.

Insurance duty return details

OSRconnect will display the amount of duty payable, with interest (if applicable).

  1. Select Save.

The transaction number will be displayed in a pop-up box, which you can then close by clicking the X button.

  1. Click Summary to view or print a draft copy of the return details.
  2. Select the X button to return to the Liabilities screen.
  3. Click Next to continue.

Saving or viewing the summary page at this point does not mean that you have submitted the return.

Enter your personal details here.

  1. Check the box to declare that the information provided is true and correct.
  2. Select Save to save all data entered.
  3. Select Submit to lodge your return.

Declaration for the insurance duty return

A Submit Now? pop-up screen will appear.

  1. Select Submit to confirm that you are ready to lodge the return.

A Confirmation page will display when your return has been submitted successfully. It will show a breakdown of duty payable, any unpaid tax interest (if applicable), due date, unpaid tax interest start date and payment method options.

Confirmation details for insurance duty return

  1. Select Print to print a copy of your confirmation.

If paying by cheque, you need to send this confirmation page with the cheque.