insurance

Insurance cover through your SMSF can be tax deductible

  Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF. The same concession applies for any

[ Read More ]

Life policy bonuses and tax

When a life insurance policy has been held by the taxpayer for 10 years or longer, reversionary bonuses received on that policy are tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s assessable income, and a tax offset is available. A bonus is not assessable income if it

[ Read More ]

Can your client claim a tax deduction for insurance premiums?

As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.  Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the

[ Read More ]