Did you know that Income Protection is Tax Deductable? By protecting your income you can also lower your taxt bill at the end of the financial year. This means that Income Protection Insurance is not only a sensible decision, but also more affordable!
This is how it works: if you were earning between $81,000 – $180,000 then you pay tax at the marginal rate of 37 cents in the dollar, if your monthly premium is $160 then your premium paid will be reduced to $100.80 per month, a saving of $59.20 a month just by claiming your premium as a tax deduction at the end of the financial year .
Your tax accountant will be able to provide you with further information in regards to claiming your income protection premium as a tax deduction.