Hi There,
From my understanding, income protection insurance is to cover loss of salary and wages income. And only the premiums you pay to protect your income (salary and wages) are deductible. This is known as income protection or continuing salary cover. What if the taxpayer does not earn any salary or wages but receive trust distributions. Can income protection insurance paid be claimed as deduction against trust distribution received?
The insurance company may have a broad definition of what income they will replace.
You should be able to claim the deductible amount indicated by the insurer each year.
The amount is claimed at Item D15, not against trust income.
The insurance company may have a broad definition of what income they will replace.
You should be able to claim the deductible amount indicated by the insurer each year.
The amount is claimed at Item D15, not against trust income.
22 Apr 2024 · 6 min read time
15 Apr 2026 · 5 min read time
15 Apr 2026 · 4 min read time
259 views
1 replies