As the end of the financial year is upon us, we understand clients may be looking for ways to reduce their taxable income prior to completing their tax returns.

A simple way to do this is to pre-pay your Income Protection premiums before the end of June.

If you pay for your premiums from your personal cash flow*, whether it be on monthly, quarterly, bi-annual or yearly basis, it is worthwhile to pre-pay your premiums before the end of June 2018 to claim the full premium amount in the current financial year.

This deduction is only viable for Income Protection polices so if you have the surplus cash available you may want to consider this option.

If you choose to do this, you will need to provide your accountant with a statement of premiums paid for the last financial year so they can process the claim.

If you would like assistance to obtain this report from your insurance provider or discuss this option further please contact me, Amina Spahich, on 08 6169 0504.

* Tax deductions are not available for Income Protection policies paid for within the super environment.