I currently hold an income protection insurance policy that was originally taken out in New Zealand. This policy also provides coverage while I am residing and working in Australia. While I was a tax resident in New Zealand, I was able to claim a portion of the premiums paid on this policy as a deductible expense on my New Zealand tax return, as the policy related directly to the protection of my income.
Now that I am living and earning income in Australia, I understand that I can no longer claim these premiums as a deduction on my New Zealand tax return due to the change in my tax residency and income source.
My question is: Am I eligible to claim a deduction for these income protection insurance premiums on my Australian tax return, given that the policy still covers my current income earned in Australia, even though it was originally established in New Zealand? If so, are there specific conditions or documentation requirements I need to be aware of in order to make this claim?
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