My father had a private life insurance around 30 years ago. He passed away in 2022. Last eight years I paid for his premiums because he couldn't afford it. I never claim any deduction on that. As a beneficiary I received the lump sum amount this year. Do I have to pay tax on it?
It is a non-super insurance. I am getting mixed responses and in ATO website it mostly says about super related payments.
Please Help.
If your father was the owner of the policy, then it is tax free to the estate.
And also to you as a beneficiary.
If your father was the owner of the policy, then it is tax free to the estate.
And also to you as a beneficiary.
Thanks Bruce4Tax!
Just wanted to make sure, because as per ATO website I have to pay tax if I am not under 18 or was not financial depended on my father. Though that policy is for superannuation death benefit.
Is it different because of private life insurance?
@Bruce4Tax pls I’m new I need help with my amendment I made an amendment on July 20 of last month for the year 2021-2022 it was being processed the effective date was Aug 21 now I checked it was canceled also with the other amendment I did
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