There are a number of ways that you can maximise tax deductions before the end of the financial year.
One simple way (that might also be the best decision you ever make) is to obtain an Income Protection policy and pay an annual premium. If you also run a business, you can add Business Expense cover.
Income Protection cover enables you to keep up with your everyday living expenses if you’re unable to work because of illness or injury. The regular monthly benefits allow you to concentrate on your recovery, rather than worrying how you will pay the next bill.
Business Expense Cover can help if sickness or injury prevents you from working. The regular monthly benefit could be used to stay on top of your debts, keep your employees paid, and generally give you some breathing space until you can return to work.
Business Expense Cover recognises how important you are to your business, and how important your business is to your lifestyle.
Terry Technician is a 34 year old male who doesn’t smoke and earns $60,000 pa from his employment as a Computer Technician. Terry Technician has $5,000 per month of business expenses.
His combined annual premium for Income Protection and Business Expense covers is $2,852.14. The estimated tax saving for Terry Technician is $898.42.*
Protecting your greatest asset (you ability to earn an income) is vital for any worker. For many years, we’ve also cared about the home maker and recognise the value of what you do every day, even if you’re not working or working part time. If you get sick or injured the benefits can help you keep the household bills paid, pay for some help around the house, and even stay on top of your mortgage.
Call Tudor Investassure today on 02 9417 6011 to discuss how you can protect your greatest asset and save tax.
*Modelled using OnePath Illustrator. Income Protection Comprehensive cover, 30 Day Waiting Period, To Age 65 benefit period, guaranteed, level premium, increasing claim. Business Expense Cover 30 Day Waiting Period, Indemnity, level premium. Standard, non-smoker rates for a computer technician, 34 year old male in NSW. Marginal tax rate of 30% + 1.5% medicare levy.
In : Life Insurance
Tags: "tax deduction" "protect my income" "business expenses" insurance