Tax Notices will display total premiums paid during the 2021/22 financial year together with the proportion attributable to benefits deemed to be for insurance against the loss of employment income. For each respective IP Plan, this proportion has been determined in accordance with the formula set out in the table below.
For your convenience, your client’s IP Tax Notice will be loaded to your AIAA Adviser Site.
Should you, or your client, have any questions about the taxation implications of the information in the Notice please seek specialist taxation advice or contact the Australian Taxation Office on 13 10 20.
