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AliB(Initiate)Initiate
5 Sept 2024

A new client of mine has always paid for income protection through his company and claimed through the company. He would get better tax benefit claiming it personally. Rather than move the payments to directors loan, is it possible to leave in p and l and add back on company tax reconciliation and take it up as a deduction in his personal tax return?

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1 replies
153 views
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TobyJDodd(Devotee)Registered Tax Professional
5 Sept 2024

HI @AliB


Is the policy in the name of the company or the individual.


NO, you can't just leave in the P&I as you are just hiding the director's loan.


Toby



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Income Protection deduction question | ATO Community