Are Life Insurance Premiums Tax Deductible in Australia?
If you are questioning whether income protection insurance premiums are tax deductible, then your answer would be yes. When it comes to life insurance, and TPD insurance, it is a little bit harder..
Life insurance premiums can be deductible, just make sure you read the fine print. If Life insurance and TPD insurance are organised through a superannuation fund, premiums might be tax deductible. For income protection insurance it’s a different story, these premiums are always tax deductible, whether it’s through a super fund or not.
For life insurance it is only possible for premiums to be tax deductible if your insurance is provided through your superannuation and you are self employed.
For more information on any of this information, call Lifebroker on 1300 20 40 50.