Hi I need to purchase Public Liability Insurance AND Personal Accident and Illness Insurance as a sole trader in the NDIS/Aged Care Support worker industry. The Personal Accident and Illness is because a sole trader cannot purchase "Worker's Compensation", so this is acceptable by law. My question is, "Is Personal Accident and Illness Insurance" tax deductable. I was told no, so I purchased my last policy through my self managed super fund.
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Income protection insurance is tax deductible. Covers for loss of income under the terms of the policy.
Information on what is claimable is below
Income protection insurance | Australian Taxation Office
If policy is for both income protection and injury then only the income loss component of the policy is tax deductible.
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