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Our partners, Rania and AJ, from Tax Store North Ryde are helping the staff from Optus Campus with their tax returns.
Tax Store are proud sponsors of the Dingley Dingoes Football club. Last night director Nurudeen Abbas headed down to talk to the team about all things tax. It was great to hang out with the guys and we wish them all the best for the rest of the season.
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the ATO in certain circumstances, even though having the insurance policy does not of itself “earn” income for the taxpayer.