Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I am having Life Insurance policy in India which is maturing with an insurance payout in INR. The policy I am holding is maturing after holding it for 10 years even while I am alive as per the conditions of the policy. As the proceeds are from an insurance company, they are considered to be tax free in India. It’s not an annuity or pension payment and is a one time payment at the end of the policy period.
Do I have to declare it as income in Australia? Is it considered as income? If it is considered income, do the premiums have to be deducted (as that part is not a profit)? Cheers