Income protection insurance

Image result for Insurance ato articlesYou can claim the costs of premiums paid for loss of income insurance. Any payment received under this policy must be included in the tax return.

If the policy provides income and benefits related to assets, only the portion of the premium that can be attributed to this income is deductible.

It is not possible to claim a deduction for a prize or part of a prize:

for a policy that you compensate for things like personal injury
when the determined policy runs through your pension and the insurance premiums are deducted from your super contributions.
For example, you cannot request a deduction for:

premiums for life insurance
premiums for trauma insurance
insurance premiums for intensive care.

Comments

Post a Comment

Popular posts from this blog

Claiming a tax deduction for repairs, maintenance and replacement expenses

Image
You can request a tax deduction for expenses related to the repair, maintenance or replacement of machines, tools or buildings used to generate operating income, provided that the costs are not capital expenditures. A capital expenditure is the money spent to buy assets such as plant and equipment. In this page: What you can claim What you can't claim What you can claim You can request costs for authorized repairs, maintenance or replacement, including: painting conditioning gutters sanitary maintenance repair of electrical appliances correct the losses replacement of broken parts of fences or broken glass in the windows repair machines. It is not necessary to own the property or object that was repaired to request a deduction. A repair is a repair that restores the effectiveness of the good's function without changing its character to keep it in its original state. For example, it is possible to repair faults or replace parts, but it is not possible to complete
Read more

Pop-up shops

Image
  During Tax Time 2019, we hosted pop-up stores in 20 locations across the country, including community centers, libraries, shopping malls, shows and universities. We have helped thousands of people: manage taxes and retirement pensions using our online services connect ATO online services to your myGov account use myTax to send the tax return check if their agent is registered use the functions of the ATO application request a fiscal file number (TFN) finds super lost. Thousands of people with taxes and super questions visited one of the many pop-up shops available from June 28th to October 17th.
Read more