ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

Income protection insurance: An often overlooked tax deduction

Posted on Feb 11, 2015 by editor

Many Australians overlook the fact that they can claim the premiums paid for income protection insurance as a tax deduction. Income protection insurance policies are designed to protect you in the event that you become unable to work due to illness or injury. Most policies will pay you a pre-determined portion of your previous income, meaning that you will be able to maintain necessities such as mortgage repayments and groceries.

It is advisable for everyone to think about whether or not they can afford not to have income protection insurance. However, if you are the breadwinner in your household or have a significant amount of debt, then income protection insurance is an even more critical investment.

The high premiums associated with income protection insurance policies can see a lot of people justifying not purchasing one. However, it is also common for taxpayers to be unaware that they can claim income protection insurance premiums as a tax deduction, thus making significant savings on their overall tax bill.

ATP Accounting knows what it takes to run a successful business. They will position you at the cutting edge of business growth.
Take the step and get help to grow your business, minimise tax and protect your hard-earned assets.
Call us today on (02) 8850 3888, send us an email to or send us a message here.

Income protection insurance: An often overlooked tax deduction Income protection insurance: An often overlooked tax deduction Income protection insurance: An often overlooked tax deduction Income protection insurance: An often overlooked tax deduction Income protection insurance: An often overlooked tax deduction

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.