Pre June 30 Tax Tip |
If you own a car or house, there’s no doubt that you have these assets insured against the risk of an accident or fire. However if you are unable to work for an extended period, how would you put food on the table, meet the mortgage repayment and other bills? When you consider that it can take many years to accumulate a sufficient amount of wealth whereby the income we currently earn is no longer important, if your income stopped due to a long-term illness or injury, you could run down your savings very quickly and face financial difficulty. Income Protection is intended to avoid the financial difficulty that so often follows by paying you a monthly benefit in the event that you cannot work due to an unforeseen and unexpected injury or illness. Importantly, cover is provided 24 hours per day, 7 days per week, anywhere in the world – even while you are on holidays. The cost of this insurance is based on a number of factors such as your age, occupation and how much income you earn. However the premium is 100% tax deductible. If your policy is in force by 30 June 2010, you will be able to claim the annual payment in this financial year. If you would like to discuss the above with one of our advisors, please contact Mark Mullins or Peter Edmonds on 08 8273 9300 or email mmullins@perks.com.au Visit www.perks.com.au for more information on Perks. Perks Wealth Management Pty Ltd ABN: 88 086 643 058 Australian Financial Services Licence No: 236551 |
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