When will I get my income protection tax statement
If your income protection policy is being paid through cashflow then some (or all) of the premiums will be tax deductible and as such your insurance provider will be mailing or emailing you the tax statements.
As you can imagine with millions of income protection policies this process can take a little while to get sent out to you and unfortunately, we can not speed up the process and as such you may need to hold off a number of week before lodging your tax returns.
See below the list of insurance providers and an expected timeframe of when your tax statements will arrive:
Email tax statements*
| AIA | Should receive by end of July 2024 |
| Clearview | Should receive by end of July 2024 |
| MetLife | Should receive by end of July 2024 |
| MLC | Should receive by end of July 2024 |
| NEOS | Should receive by mid-August 2024 |
| PPS | Should receive by late August 2024 |
| Resolution Life | Should receive by late August 2024 |
| TAL | Should receive by end of July 2024 |
| Zurich | Should receive by mid-August 2024 |
*If the insurer does not have your email on file or you’ve opted out of emails then they will mail your statement.
Mail tax statements*:
| AIA | Should receive by mid-August 2024 |
| Clearview | Should receive by late August 2024 |
| MetLife | Should receive by mid-August 2024 |
| MLC | Should receive by late August 2024 |
| NEOS | Should receive by mid-August 2024 |
| PPS | Should receive by late August 2024 |
| Resolution Life | Should receive by late August 2024 |
| TAL | Should receive by mid-August 2024 |
| Zurich | Should receive by mid-August 2024 |
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What is not tax-deductible?
Premiums that are funded through your super fund should not be included when submitting your tax return as these can not be claimed as a personal tax deduction for, however, your super fund may claim a tax deduction on your behalf and refund the difference back to your account or charge 15% less in premiums.
If you have any questions about what you can or can not claim please speak to your accountant.
*Please note we are still waiting to hear back from any insurers who are TBC as to the expected timeframe of tax statements arriving.
*Last updated on July 26, 2024.
