Minggu, 01 September 2013

Life Insurance Australia

Life Insurance Australia

 When life insurance provided through a pension fund contributions made to fund insurance premiums are tax deductible for self-employed and people and employers materially different. However, when life insurance is held outside retirement environment, premiums are generally not tax deductible. For insurance through a pension fund, annual deductible contributions to pension funds are subject to age limits. These limits apply to employers making contributions deductible. Also apply to self-employed, substantially self. These limits are general insurance premiums. This means no additional deductible contributions can be made to the financing of insurance premiums. Insurance premiums can, however, be financed by undeducted contributions. For more information on deductible contributions see "under what conditions can an employer claim a deduction for contributions made on behalf of their employees?" and "What is the definition of substantially self-employed?" The insurance premium paid by the pension fund can be claimed by the fund as a deduction to reduce the 15% tax on contributions and earnings (Ref: ITAA 1936, Section 279)

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