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Income protection insurance

Do you pay income protection insurance?
A lot of people don't realise that this is tax deductible - it is and proceeds(insurance pay-outs) on any claims need to be returned as income in your tax return. 
Your insurance company usually sends out a confirmation letter at the end of each financial year to confirm the tax deductible portion of your premiums - this is so you can include it in your tax return. 

MORE: Check out Diana Clements article from 2012 (a bit outdated but very informative). 

As always, get in touch with us at info@schoolrebates.co.nz if you need more information.