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Re: Do you declare income protection payment when doing tax return, tax has been taken out monthly.

Initiate

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Replies 2

Hi i receive income protection payments monthly from insurance, tax is removed before my payment goes into bank account. Do i have to declare this when lodging 19/20 tax return. I might have paid to much or less? Thanks Casper
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Most helpful response

Devotee

Replies 1

Hi @Casper

 

Great question.  As tax has already been deducted the monthly income protection payments would appear on your tax return under employment income and not as other income.

 

Not knowing your circumstances but if you have made a personal injury claim and received compensation this can be tax free under certain conditions. - you would need to see how it applies to your particular circumstances.

2 REPLIES 2

Most helpful response

Devotee

Replies 1

Hi @Casper

 

Great question.  As tax has already been deducted the monthly income protection payments would appear on your tax return under employment income and not as other income.

 

Not knowing your circumstances but if you have made a personal injury claim and received compensation this can be tax free under certain conditions. - you would need to see how it applies to your particular circumstances.

Initiate

Replies 0

Thanks
So the insurance should send the details to mygov.
Thanks Casper