If you're registered for GST, you may be able to claim tax credits for the GST component of your insurance premium. These credits can be used to offset the amount of GST you pay to the Australian Taxation Office (ATO).
To claim a tax credit, you should tell your insurer how much of the premium that you are able to claim for. You can claim GST credits on the part of your premium that relates to business purposes. If you don't tell your insurer before making a claim, you may have to pay GST when your claim is settled.
For more information on whether you can claim GST credits, visit the ATO website.
What to do...
- Contact the ATO for advice on claiming GST credits from your business insurance premiums.
- Contact your insurer to discuss the proportion of your premium you can claim GST credits for.
More information...
