Can I Claim My Income Protection Insurance Premium?

If you hold an income protection insurance policy, you may be eligible to claim the cost of the premiums you pay through Oncore's Salary Packaging Service.

Oncore provides the opportunity for you to salary package your business-related expenses. This is not a direct reimbursement of the expense but an offset against your taxable income resulting in greater take-home pay for you. The expenses that you can claim include your mobile phone, internet connection, software purchases, study, self-education, etc. 

These are expenses that relate to your current contract that Oncore is managing.

Relevant Expenses include:

• Premiums paid on an income protection insurance policy

• Insurance which covers you for the temporary loss of income due to accident or illness is claimable
• Some policies include a life insurance component. Only the income protection insurance component is claimable in this case. Please note, if income protection insurance is held through your super fund, this will not be claimable.
• A current copy of the income protection policy is required to claim this expense. Please ensure you provide us with an updated policy document at the time of renewal or if any changes are made.
• Please note where multiple types of insurance are held in the same policy, we require confirmation of the portion that relates to income protection as no other insurances are claimable.
• To claim this expense, we also require proof of payment which can be in the form of an extract from your bank statement.

If, after reading this article, you are still unsure what types of expenses you may be able to claim under this category, please either send us an email at supportaus@oncoreservices.com, or phone us on 1300 654 484 and we will strive to answer any of your questions.