Tax deductable insurance premiums?
Where the life insurance is provided through a superannuation fund, contributions made to fund insurance premiums are tax deductible for self employed persons and substantially self-employed persons and employers.
There is no limit on the level of death or total and permanent insurance (TPD) cover which can be provided through a superannuation fund. There are however limits on the amount of lump sum benefits which can be paid at concessionally taxed rates. The RBL system applies a concessionally taxed limit of the member's pension RBL on the level of lump sum death benefits.
For most people the concessionally taxed limit is the pension RBL which is $1,238,440 for the 2004/2005 financial year. For those with a transitional pension RBL, the limit will be higher.
Should You Insure Through Superannuation?When deciding whether to fund life insurance through a superannuation fund, there are a number of factors that need to be considered including:
a) tax consequences;
b) reasonable benefit limits (RBL’s); and
c) estate planning issues.
|General Insurance Cover|
|Mortgages & Home Loans|
|Credit & Personal Loans|
|Investment & Property|
|Payday | Credit Cards|
|Debt Consolidation Loans|
|Car Loans & Finance|
|Useful Finance Links|
|First Home Owners Grant|
|Latest Finance News|
Get quotes from a big range of Australia's leading life insurers.
Adelaide Web Page Design | Unemployed Loans | Sitemap | My Sites | Other Resources
Resources and articles about Tax deductable insurance premiums are protected by their respective authors.