If you hold Life Cover, you generally   can’t claim a tax deduction for premiums paid. But if your Life Cover is for business purposes, then your tax situation may be different, so please seek advice from your financial adviser or a registered tax agent.

If you hold Life Cover inside super and have made personal contributions to pay the premiums by direct debit, credit card, or BPAY, you may be able to claim a tax deduction for some or all those contributions. Before completing your tax return, look out for a Tax Questionnaire from us, which includes a 'Notice of Intent' form that you'll need to complete and send back. Please note you won't be able to claim a tax deduction if you incorrectly complete the 'Notice of Intent' form, if you don't return the completed form to us in time, or if you haven't made any personal contribution, or have paid your premiums from your super balance. You can then lodge your tax return after we send you a letter acknowledging that we received your form.

Insurance payouts on a Life Cover claim are generally not taxable. But if you’ve received a Life Cover claim payout for business purposes, then your tax situation may be different, so please seek advice from your financial adviser or a registered tax agent.

Insurance payouts on a Life Cover claim for insurance held inside super may be taxable depending on the way it was paid, the tax components that make up the payout and the claimant’s relationship with the deceased. Payouts on life insurance policies held inside super can be a complex area to navigate and we recommend seeking professional tax advice.

If you hold TPD insurance, you generally can’t claim a tax deduction for the premiums paid. But if you hold TPD cover for business purposes your tax situation may be different, so please seek advice from your financial adviser or a registered tax agent.

If you hold your TPD cover inside super and have made personal contributions to pay the premiums by direct debit, credit card, or BPAY, you may be able to claim a tax deduction for some or all those contributions. Before completing your tax return, look out for a Tax Questionnaire from us, which includes a 'Notice of Intent' form that you'll need to complete and send back. Please note you won't be able to claim a tax deduction if you incorrectly complete the 'Notice of Intent' form, if you don't return the completed form to us in time, or if you haven't made any personal contributions and have paid your premiums from your super balance. You can then lodge your tax return after we send you a letter acknowledging that we received your form.

Insurance payouts on a TPD claim are generally not taxable. But if you’ve received a TPD claim payout for business purposes, then your tax situation may be different, so please seek advice from your financial adviser or a registered tax agent.

Insurance payouts on a TPD claim for insurance held inside super may be taxable. The amount of tax, if any, will depend on your age, the way the payout was received, and other circumstances. Payouts on TPD insurance policies held inside super can be a complex area to navigate and we recommend seeking professional tax advice.

If you hold Income Protection insurance, you can generally claim some or all of your premiums as a tax deduction. To help you complete your tax return, we’ll provide you with an Annual Letter that summarises the total premiums paid over the past financial year and the portion that is tax deductible.

If you hold Income Protection insurance inside super and have made personal contributions to pay the premiums by direct debit, credit card, or BPAY, you may be able to claim a tax deduction for some or all those contributions. Before completing your tax return, look out for a Tax Questionnaire from us, which includes a 'Notice of Intent' form that you'll need to complete and send back. Please note you won't be able to claim a tax deduction if you incorrectly complete the 'Notice of Intent' form, if you don't return the completed form to us in time, or if you haven't made any personal contributions and have paid your premiums from your super balance. You can then lodge your tax return after we send you a letter acknowledging that we received your form.

Some or all insurance payouts on an Income Protection claim will need to be declared as income on your tax return. To help you with this, we’ll send you an Annual Benefit Payment Letter that outlines the benefits paid over the past financial year and what portion isn’t considered taxable income.

Insurance payouts on an Income Protection claim for insurance held inside super will need to be declared as income on your tax return. However, some insurance payouts received may have already had tax withheld. We’ll send you a PAYG Payment Summary that outlines the insurance benefit payments you’ve received and the amount of tax withheld.

If you or your business hold Business Expenses insurance, generally some or all premiums paid may be claimed as a tax deduction. To help prepare tax returns, we’ll send an Annual Tax Letter summarising the total premiums paid and the portion that is tax deductible.

If you or your business received insurance payouts on a Business Expenses claim, those payments will need to be declared as income on the relevant tax return. To help you with this, we’ll send an Annual Benefit Payment Letter that outlines the benefits paid over the past financial year and what portion isn’t considered taxable income.