Tax season is well upon us. At Negotiis our team of tax consultants are working hard and have already processed close to 200 hundred individual tax returns.
One of the most common questions from clients is: ‘what deductions can claim to I reduce the tax I pay?’. None of us want to pay more tax than we are required to pay and this is our philosophy at Negotiis – we work hard to ensure all allowable tax deductions are offsets are applied to maximise your deductions.
Over the next weeks we will be providing a spotlight on deductions that can be often overlooked or forgotten.
Income Protection
We have invited Bunmi Ajayi from Insurance Advisornet to provide a short overview of the key considerations for Income Protection. The premium paid for Income Protection is TAX DEDUCTIBLE and is particularly worth considering for single people or families with a primary source of income from one person.
“THE BEAUTY OF INCOME PROTECTION INSURANCE”
Most people have Insurance for their homes and motor Vehicles and other “tangible assets”, but fail to cover their most valuable assets – their life and their ability to earn income over the long term!. Income Protection Insurance pays a Monthly benefit of up to 75% of your Income if you’re sick and injured and unable to work. This money can help you stay on top of your debts, pay for treatment or rehabilitation, and generally give you some breathing space until you can return to work.
Below are 7 Good Reasons why you should NOT be caught sick/Injured without Income Protection Insurance
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Each year, Approximately 1 Million Australians suffer serious injuries or illness, which either require hospitalization or prevents them from working
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Even when you Insure your motor Vehicles, Chances are you will be the one driving if and when it crashes. With this in mind, Income protection Insurance makes sense
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For less than a cup of coffee a day, you could ensure that your income continues, even when you cannot work… yes it could be that cheap!
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Your Family’s outcome relies on your Income
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The Premium paid is Tax deductible!
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There is always a plan/option for every budget
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Insurance is like a Parachute. If you don’t have it when you need it most, it’s too late!
It’s easy to put Insurance off until a time when you think you need it. Problem is , you never know when that is going to be….No better time to Insure than NOW.
Do you think Insurance Protection might be for you? Would you like more information? Please contact Amanda Newton at Negotiis via email amanda.newton@negotiis.com.au and we will connect you to Bunmi and his team who would be delighted to prepare a quote and further discuss how Income Protection would suit your individual needs.