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Income Protection Insurance (4018) on previous returns

Posted 4 August 2015 under Tax Questions



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G says:
4 August 2015 at 10:38

How do I include Income Protection Insurance on previous tax return submissions? Should I?

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TaxTimTaxTim says:
4 August 2015 at 10:58

Yes, you can claim the contribution to an Income Protection Policy as a deduction in your tax return. Within the opening questions on your tax return, there will be a question as follows:

"do you contribute to a retirement annuity fund"

You need to click yes to this question.

Then scroll down the tax return and in that section which comes up, you would enter the Income Protection amount (code 4018).


G says:
4 August 2015 at 11:22

But can I go back on previous tax returns to now enter the value after already filing the tax return? So I left it out on two previous tax returns.


TaxTimTaxTim says:
4 August 2015 at 11:54

Yes, you can. You need to navigate to these Returns in your Returns history, and click on "Request Correction" and then resubmit the entire tax return again and include these values.


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