Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
You can claim the cost of premiums you pay for insurance against the loss of your income. You must include any payment you receive under such a policy on your tax return.
If the policy provides for benefits of an income and capital nature, only that part of the premium attributable to the income benefit is deductible.
You can’t claim a deduction for a premium or any part of a premium:
- for a policy that compensates you for such things as physical injury
- where the policy is taken out through your superannuation
For example, you can’t claim a deduction for:
- life insurance premiums
- trauma insurance premiums
- critical care insurance premiums
