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Insurance FAQ's Are there any tax implications?
Insurance FAQ's Are there any tax implications?
Insurance FAQ's
| Are there any tax implications? |
|
Income protection premiums are fully tax deductible. If a Term Life policy is not written through a superannuation fund, the premiums are not tax deductible and any proceeds recovered are not considered to be assessable income. If a Term Life policy is written through a superannuation fund, the premiums are tax deductible to the fund. Taxation of death benefits depends on whether the benefits are paid to a dependent, non-dependent or to the Trustee of the deceased's estate. As everyone's circumstances are different, we recommend you seek taxation advice from an independent tax adviser. |
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Associated Financial Planners Pty Ltd (the authorising licensee) or any related companies will not be held responsible for the merits of this advice to your circumstances.
Readers should only act on information after having received professional advice appropriate to their personal circumstances. Read Full Disclaimer
Associated Financial Planners Pty Ltd (the authorising licensee) or any related companies will not be held responsible for the merits of this advice to your circumstances.
Readers should only act on information after having received professional advice appropriate to their personal circumstances. Read Full Disclaimer