Income Protection Insurance Deductibility

31 January 2018

Many people have Income Protection insurance policies – these are claimable in your personal income tax return (whether you are in business or in paid employment) as long as any proceeds upon making a claim are treated as taxable income.

Usually your insurance company will send out a letter after the end of each financial year detailing the amount you’ve paid on your premiums and the portion that is tax deductible. Be sure to keep this letter and include it to send to us with your end of year accounting and tax records.