A tax deductible expense you really need

Adam Cursio

Looking for a last minute end of financial year tax deduction?

While most people rush out spending money on unnecessary items, here’s an essential expense you should seriously consider.

Your ability to earn an income is potentially worth millions over your working life. Your family and your financial dependents rely on this money for support, and without it your family’s livelihood would not be the same.

Whilst employees have minimal sick pay accrued and self employed people have none, the reality is that if you become disabled and can’t work for an extended time it is highly unlikely that you will receive anywhere near what you need to live in disability through to retirement. And to expect your family to support you through disability is a tough ask. This is why income protection is a crucial part of your financial plan as it helps you to secure an income to afford life’s expenses even if you are unwell and not gainfully employed.

For a small fee, you can insure 75% of your income to age 75 and the premium for this type of cover is in fact tax deductible.

With the end of financial year around the corner, right now is the best time to think about taking up an income protection policy for your financial security and reviewing your broader financial plan in the process.

To find out more or book a time to chat with one of our Senior Financial Planners get in touch with our office now.

The Team at Cursio Group.