A small number of tax notices are quite complex, therefore require additional attention and will be issued a little later. If your clients are impacted, we'll send you a separate email to let you know.
Your clients will receive their Tax Notices, where possible, via email or alternatively via post. These letters will be available on your AIA Adviser Site for your convenience.
Tax Notices will display total premiums paid during the 2022/23 financial year together with the proportion attributable to benefits deemed to be for insurance against the loss of employment income. Any alterations or payments requested close to 30 June 2023 may not be reflected in this year notice.
For each respective IP Plan, this proportion has been determined in accordance with the formula set out in the table below.
| IP Plans | Formula to calculate tax deductible premiums |
|---|---|
| IP/ IP Accident Only/ IP Essential | IP/ IP Accident Only / IP Essential premium *98.7% |
| IP with Advantage Optional | (IP premium + Advantage Optional premium) *97.7% |
| IP with PLUS Optional | (IP premium + PLUS Optional premium) *92.7% |
| IP CORE | IP CORE premium *100% |
| Super Extras | Super Extras premium *4% |
| Day 1 Accident benefit | Day 1 Accident premium *100% |
| Claim Escalation benefit | Claim Escalation premium *100% |
| Carer’s Allowance benefit | Carer’s Allowance premium *100% |
| Business Expenses Rider | Business Expenses Rider premium *100% |
| Business Expenses Standalone | Business Expenses Standalone premium *100% |
| Retirement Optimiser | Not tax deductible |
| Retirement Protector | Not tax deductible |
| Income Protection Lump Sum | Not tax deductible |
| Lump Sum Disablement | Not tax deductible |
Please note that where the sum insured has been increased by non-tax deductible portions as listed in the table above, the premiums for the non-tax deductible benefits have been excluded before applying the deductible percentage relevant to the premium for each benefit.
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.
If you have any further questions, please don’t hesitate to contact your Client Development Manager or the Sales Support Team on 1800 033 490, Monday to Friday, excluding public holidays
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Copyright © 2024. AIA Group Limited and its subsidiaries or affiliates. All rights reserved. Priority Protection and Priority Protection for Platform Investors products are issued by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043). AIA Vitality, a personalised, science-backed program that supports members every day to make healthier choices, is available with eligible products issued by AIA Australia. AIA Health with AIA Vitality is issued by AIA Health Insurance Pty Ltd ABN 32 611 323 034, a registered private health insurer governed by the Private Health Insurance Act 2007, Private Health Insurance Rules 2007 and the AIA Health Insurance Pty Ltd Fund Rules. It is general information only and is not intended in any way to be financial, legal, tax, health, medical, nutritional or other advice. You should consider your own personal circumstances and needs and view the relevant product documents, fact sheets, fund rules and terms and conditions before making a decision to acquire such products. If necessary you should obtain professional advice from a financial, tax, medical or health professional. Unless expressly stated, any views or expressions of opinion (including any video content) do not represent the opinion of AIA. |Terms of Use|Privacy Statement|Cookie Policy|Sitemap
Copyright © 2024. AIA Group Limited and its subsidiaries or affiliates. All rights reserved. Priority Protection and Priority Protection for Platform Investors products are issued by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043). AIA Vitality, a personalised, science-backed program that supports members every day to make healthier choices, is available with eligible products issued by AIA Australia. AIA Health with AIA Vitality is issued by AIA Health Insurance Pty Ltd ABN 32 611 323 034, a registered private health insurer governed by the Private Health Insurance Act 2007, Private Health Insurance Rules 2007 and the AIA Health Insurance Pty Ltd Fund Rules. It is general information only and is not intended in any way to be financial, legal, tax, health, medical, nutritional or other advice. You should consider your own personal circumstances and needs and view the relevant product documents, fact sheets, fund rules and terms and conditions before making a decision to acquire such products. If necessary you should obtain professional advice from a financial, tax, medical or health professional. Unless expressly stated, any views or expressions of opinion (including any video content) do not represent the opinion of AIA.
