There’s no getting around it – tax rules can be complicated when it comes to life insurance.
While we recommend seeking tax advice from your financial adviser or a registered tax agent, we’ve created this handy guide to help answer some simple queries you may have about tax and your insurance with us.
You may need to declare some or all these payments as income in your tax return. However, some payments received may have already had tax withheld. We’ll send you a PAYG Payment Summary outlining the payments you’ve received and the amount of tax withheld, if applicable.
If your SMSF holds your insurance policy, you’re not eligible to claim premiums paid by your fund as a personal tax deduction. However, the SMSF trustee may be able to claim as a tax deduction some or all of the insurance premiums it paid during the financial year when lodging the SMSF Annual Return.
The process for obtaining SMSF annual statements has changed. Statements for the 2024/25 tax year will automatically be mailed out to the address on file for you and accessible in the Customer Portal by 31 July 2025.
Note: If you made personal super contributions into your SMSF you may be entitled to claim these as a tax deduction. We recommend seeking professional tax advice on this matter.
We provide EOFY statements to help prepare your tax return. The statement you receive depends on your policy, cover type, and whether you hold insurance inside super.
If you haven't received your statement or need another copy, please call us on 13 65 25, 8.30am to 6pm (AEST/AEDT), Monday to Friday.
Available by 31 July 2025
If you have an annuity policy or have claimed on insurance inside super, we’ll send you a PAYG Payment Summary that outlines the payments you’ve received and the amount of tax we’ve withheld in the past financial year.
Available by 30 September 2025
If you hold your insurance inside super and have made personal contributions to pay the premiums by direct debit, credit card, or BPAY, we'll send you a Tax Questionnaire (including a 'Notice of Intent' form) outlining the contributions you may be eligible to claim a tax deduction on.
Available by 8 August 2025
If you hold Business Expenses insurance or Income Protection insurance outside super, we’ll send you an Annual Letter that summarises the total premiums paid over the past financial year and the portion that is tax deductible. Please make sure to only disclose the deductible portion of your premium in your tax return.
Available by 31 August 2025
If you've claimed on your Income Protection outside super or Business Expenses insurance, we'll send you an Annual Benefit Payment Letter outlining the insurance payments you've received over the past financial year and the portion that is not taxable income. Please make sure to disclose the annual benefit as income in your tax return.
EOFY statements will be available online at my.mlcinsurance.com.au/documents for:
Your statement will be mailed to the address we have on file if you:
Allow up to seven business days for statements posted within Australia, and 25+ business days for international deliveries.
If you’re expecting other statements from us, please refer to our Statements page for mailing dates.
Please refer to the EOFY statements section for detailed information on how and when you’ll receive your EOFY statement/s.
For insurances held outside super, you generally can’t claim a tax deduction for insurance premiums on Life, TPD and Critical Illness (Trauma) covers. However, if you have insurance cover for revenue based business purposes, or for insurances within super where you are personally paying the premiums (see below), then your tax situation may differ. We recommend seeking advice from your financial adviser or a registered tax agent.
If your insurance policy is held inside super and you’ve made personal super contributions to pay for the insurance premiums (eg by direct debit, credit card or BPAY), you may be able to claim a tax deduction for those contributions.
Look out for a Tax Questionnaire that includes a 'Notice of Intent' form stating how much you’ve paid in personal contributions. Before claiming a tax deduction on those contributions, please:
When it comes to life insurance, tax rules are different for each cover type and payment method. Check out Insurance cover and tax to find out more about which premiums may be tax deductible.
If you have a policy with online access, both you and your financial adviser can view your statement online (excluding PAYG Payment Summaries) in the Customer and Adviser Portals.
Access your statement in the Customer Portal by logging in at my.mlcinsurance.com.au using your Customer Number.
Acenda is not licensed to provide tax advice as we’re a life insurance product provider. Taxation rules can be complex and change often, so it’s always a good idea to seek advice from a financial adviser or registered tax agent before lodging your tax return. Acenda can only provide information on the deductions you’re eligible to claim and help make sure you’re meeting your tax obligations.