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Income protection insurance: An often overlooked tax deduction

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.

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