Income Protection Insurance & Your Tax
 

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Income Protection Insurance & Your Tax

June 22, 2020

Did you know that you can claim the cost of your income protection insurance?  However, this is only the case where you pay your premiums directly from your bank account.  So, if you are paying for income protection through your superfund, unfortunately, you won’t be able to claim this as a deduction.

Income Protection Insurance for your Tax Return

Accidents can happen to anyone at anytime and anywhere,
are you protected
?

While we are on the topic of insurance policies, there are some common misconceptions about what can be claimed. The following cannot be claimed as a tax deduction on your etax return:

  • Life Insurance
  • Trauma Insurance
  • Critical Care Insurance

If you have received a payment under your Income Protection Insurance policy, it must be included as income in your Gotax Online etax return.

Top Tip:
Make sure you regularly review your income protection policy, regardless of whether it is in your super or not. 

So, if you have paid for Income Protection Insurance, make sure you get back the tax deduction you deserve and include it in your next Gotax Online etax return!

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Speedy Gonzalez $10, Not too much to claim $38.50, One with the lot $64.95 and if it’s your first time, do it for FREE!

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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.

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