The Financial Rights Legal Centre’s submission to the Treasury’s Re:Think Tax Discussion Paper argues that Government phase out taxes and levies on domestic consumer insurance products. We are of the view that these taxes and levies increase the cost of insurance to consumers and contribute to underinsurance.
Financial Rights also recommends that the Government empower a regulator to ensure insurers genuinely pass on tax savings on domestic consumer insurance products to policy-holders.
Finally the submission argues that in the circumstance that a change to the current tax concession regime for not-for-profits is contemplated, guaranteed equivalent funding would need to be provided to compensate for the loss and support the current services of the Financial Rights Legal Centre, other community legal centres and the not-for-profit sector more generally
