Income Protection premium tax deductibility

Important information

Depending on your individual circumstances, you may be eligible to claim all or part of your insurance premiums as a tax deduction on your tax return.;

The documents below show the proportion of your premium which may be tax deductible for income tax purposes. The premium is divided between benefits that replace income, which are usually tax deductible, and benefits which replace your earning capacity, which are usually not tax deductible. 

The percentage of your premium assigned to each category of benefits has been apportioned in a fair and reasonable manner by MLC’s actuaries and may be relevant in determining which portion of your premium is deductible for income tax purposes. 

Instructions

  1. Have your MLC Annual Review Notice and Policy Schedule with you, and use this to identify which option(s) you have.
  2. Identify the product you have below.
  3. Click on the correct document below.
  4. A PDF document will open. Use your Annual Review Notice and Policy Schedule to identify which option(s) apply to your policy. Click the box next to the option(s) that apply to your policy. This shows what percentage of the premium is tax deductible.
  5. Print or save this document, calculate the tax deductible amount on your Income Protection premium and include the calculation and document with your tax return.   

Please note: If you’re receiving Income Protection claim benefits a portion of the benefit may not be assessable as income. MLC is not a registered tax agent. We recommend you speak with a registered tax agent to determine how this impacts your personal tax obligations.

Due to the complexity in calculating deductible premiums, we ask that the following customers call us on 132 652, and we will produce a manual statement for you:

  • All Protectionfirst customers.
  • If you have a Short Waiting Period for Accidental Injury option – MLC Insurance.
  • If you have a Short Waiting Period for Accidental Injury option – MLC Personal Protection Portfolio.
  • If you have an Occupational HIV, Hepatitis B or C Lump Sum Benefit option – MLC Personal Protection Portfolio.
  • If you have a Lifetime Accident Benefit option – MLC Personal Protection Portfolio.
  • If you can't find your product below, or you’d like to talk to a customer service representative.

Tax deductibility statements by product

MLC Insurance

MLC Personal Protection Portfolio