Income Protection Insurance Is Not Only Your Safety Net, but It's Also an Income Tax Return Perk
Did you know that if you are paying for Income Protection insurance outside of your superfund (i.e. from your after-tax wage) that it's tax-deductible on your online income tax return?
With some Income Protection Insurance policies being upward of $2,000 per annum, this is a great way to give your tax refund a boost when filing your 2021 taxes.
Note: Income Protection paid through your superfund is not tax deductible.
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It’s EASY to claim your Income Protection Insurance on your Online Income Tax Return
Claiming your Income Protection Insurance on your i tax return online is EASY.
That’s it, you’re done!
Procrastinating when it comes to doing your 2020 income tax return?
If you’re putting off doing your 2020 online income tax return because it’s too difficult, you can’t find time for an appointment, or it’s just too much of a chore...
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How can you get the best tax refund possible?
Tax Deductions help lower your taxable income, and your taxable income is the amount you pay tax on when doing your income tax return.
The trick to claiming your tax deductions is to keep track of all work-related tax expenses and usage throughout the year to claim in your online income tax return at 2021 tax time.
Not sure how to keep track of your tax deductions?
Deduction Grabber is a free app that allows you to record your work-related tax expenses throughout the year. Take photos of your receipts to keep the tax man happy and track your work-related motor vehicle use with our ATO-approved logbook.
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