SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
You can claim the cost of premiums you pay for insurance against the loss of your income. You must include any payment you receive under such a policy on your tax return.
If the policy provides for benefits of an income and capital nature, only that part of the premium attributable to the income benefit is deductible.
You can’t claim a deduction for a premium or any part of a premium:
For example, you can’t claim a deduction for: