Don't miss out on that tax refund

The financial year ended on 31 March 2021, and that means a flurry of letters from insurance companies to policy holders.

The envelopes you want to look out for are the ones containing tax deduction statements. Did you get one? You could be in luck.

In many cases, those with income protection policies are able to claim back the premiums they paid against their other tax. It’s my understanding that you can claim the cost of paying for income protection if the policy payout would be liable for tax.

It’s a discussion to have with your accountant when preparing your annual return (or keep it in mind if you prepare your own). Why not get something back if you’ve been paying an insurance premium every month against the possibility of being deprived of income?

So keep an eye out for those insurance company envelopes and emails. And if you want to go over things in more detail, give us a call.

If you would like to know more about insurance or review any of your policies, I'm always here to talk.