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Chuyk410(Newbie)Newbie
25 July 2022

Hi,


I recently terminated a foreign life insurance policy that my parents took out for me when I was born (I was born OS but am an Australian citizen), and I was wondering if the surrender value I received would be considered to be taxable income.


I did not know about the policy until about 2015, and all contributions were made on my behalf up until then (I never made any contributions to the policy).


Any guidance would be greatly appreciated.

1,885 views
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1,885 views
2 replies

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Most helpful reply

JodieR_ATO(Community Support)Community Support
27 July 2022

Hi @Chuyk410,


If you receive a life insurance policy generally they're not looked at for tax purposes. We've got information on our forum that you can check out from here.

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Is the surrender value of a foreign life insurance policy taxed? | ATO Community