NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

Is Income Protection insurance tax deductible?

Is Income Protection insurance tax deductible?

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NobleOak’s Disability Income Insurance pays a monthly benefit of up to 70% of your Regular Income (before tax) if you can’t work due to a Sickness or injury (subject to certain limits). While premiums for Income Protection Insurance are generally tax-deductible, you need to make sure you understand the tax implications, and you may need to seek tax advice.

When you can claim a tax deduction

According to the Australian Taxation Office (ATO), Income Protection Insurance premiums are generally tax-deductible. The position can vary where cover is purchased as part of superannuation arrangements (for example, through an SMSF, or through an industry or retail super fund).

For all queries about taxation specific to your situation, we recommend you seek advice from an accountant or suitably qualified professional.

What you need to declare

As these benefits replace regular income, the ATO stipulates that any payments received under an Income Protection Insurance policy must be included on your tax return as part of your assessable income.

Please note that the information we provide is not advice but general information only.

4 Reasons to choose NobleOak

While we are very proud of the cover we provide, a simple belief in 'doing the right thing' sets us apart.

Low premiums

At NobleOak, you buy directly from us,
so you don't pay for
unnecessary overheads.

Fully underwritten insurance

We only offer fully underwritten cover.
This minimises the risk of unforeseen delays
or surprises in the event of a claim.

Simple & straightforward

We aim to avoid overly complex terms.
We simply provide a range of great value,
comprehensive cover options.

Award winning cover

We are the only Life Insurer to win the Canstar Outstanding Value Award for Direct Life Insurance for seven consecutive years from 2016 to 2022.

Help protect your family with
NobleOak, Australia's most awarded
Direct Life Insurer 2021

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