Australia
Where the life insurance is provided through a superannuation fund, contributions made to fund insurance premiums are tax deductible for self-employed persons and substantially self-employed persons and employers. However where life insurance is held outside of the superannuation environment, the premiums are generally not tax deductible. For insurance through a superannuation fund, the annual deductible contributions to the superannuation funds are subject to age limits. These limits apply to employers making deductible contributions. They also apply to self-employed persons and substantially self-employed persons. Included in these overall limits are insurance premiums. This means that no additional deductible contributions can be made for the funding of insurance premiums. Insurance premiums can, however, be funded by undeducted contributions. For further information on deductible contributions see "under what conditions can an employer claim a deduction for contributions made on behalf of their employees?" and "what is the definition of substantially self-employed?". The insurance premium paid by the superannuation fund can be claimed by the fund as a deduction to reduce the 15% tax on contributions and earnings. (Ref: ITAA 1936, Section 279)
Read more about this topic: Life Insurance, Taxation
Other articles related to "australia":
... Australia has an embassy in Ankara since 1968, a consulate-general in Istanbul and a consulate in Çanakkale ... The first encounter of Turkey and Australia was on the battlefields of Çanakkale, the scene was that of a fierce one, but at the same time, a gentlemanly war ...
... She is a regular commentator on the Australia business news website Business Spectator ... is a board member of non-profit organisations Burnet Institute (Australia's largest virology and communicable disease research institute) and beyondblue (Australia ... On 13 June 2011, Stott Despoja was named a Member of the Order of Australia for service to the Parliament of Australia, particularly as a Senator for South Australia, through leadership roles ...
... The Prime Minister of the Commonwealth of Australia is the highest minister of the Crown, leader of the Cabinet and head of government, holding office on commission from the Governor-General of ... Minister is, in practice, the most powerful political office in Australia ... of executive government in the country, the office is not mentioned in the Constitution of Australia specifically and exists through an unwritten political convention ...
... While they were still one landmass, Zealandia and Australia combined broke away from Antarctica between 85 and 130 million years ago ... Australia and Zealandia split apart 60–85 million years ago ... While a continent like Australia consists of a large body of land surrounded by a fringe of continental shelf, Zealandia consists almost entirely of continental shelf ...
... In Australia, the current member of the House of Representatives with the longest period of continuous service, whether a Minister or not, is known as "Father ... of the House and the Father of the Senate in Australia have no parliamentary role at all ...
Famous quotes containing the word australia:
“It is very considerably smaller than Australia and British Somaliland put together. As things stand at present there is nothing much the Texans can do about this, and ... they are inclined to shy away from the subject in ordinary conversation, muttering defensively about the size of oranges.”
—Alex Atkinson, British humor writer. repr. In Present Laughter, ed. Alan Coren (1982)
“I like Australia less and less. The hateful newness, the democratic conceit, every man a little pope of perfection.”
—D.H. (David Herbert)