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.

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