In Australia, the tax deductibility of TPD (Total and Permanent Disability) or TTD (Temporary Total Disability) insurance premiums depends on individual circumstances. TTD insurance premiums, often associated with income protection premiums, are usually tax-deductible, subject to specific conditions. As tax laws can be complex and may change, it is advisable to consult a qualified tax professional or the Australian Taxation Office (ATO) for up-to-date and accurate information.
On the other hand, TPD insurance premiums are generally not tax-deductible for personal coverage but might be deductible if taken out for business purposes. By contrast, TTD insurance premiums, often associated with income protection insurance, are usually tax-deductible, subject to specific conditions. As tax laws can be complex and may change, please consult a qualified tax professional or the Australian Taxation Office (ATO) for up-to-date and accurate information.