Looking to learn more about life insurance for your tax return?
While we recommend seeking professional advice from your financial adviser or a registered tax agent, we’ve created this guide tohelp answer some simple queries you may have about tax rules and your insurance with us.
We like to make things easy for our customers. If you’re eligible to receive an end of financial year (EOFY) statement, we’ll send you one automatically. The statement you receive depends on your policy and cover type.
This page can help you
Here are the main types of life insurance where a tax deduction may be available or tax might be payable. For further details, speak to your financial adviser or a registered tax agent.
Annuity payments
You may need to declare some or all of these payments as income in your tax return. However, some payments you’ve received may already have had tax withheld. We’ll send you a PAYG Payment Summary outlining the payments you’ve received and amount of tax withheld, if applicable.
Self-Managed Super Funds (SMSF)
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 some or all of the insurance premiums it paid during the financial year as a tax deduction when lodging the SMSF Annual Return.
When to expect your EOFY statements
We provide EOFY statements to help you prepare your tax return. The statement you receive depends on your policy, cover type, and whether you hold insurance inside super.
Available by 14 July 2026
If you have an annuity policy or have received a benefit on an insurance policy inside super, we’ll send you a PAYG Payment Summary. This outlines the benefit(s) you’ve received and amount of tax we’ve withheld in the past financial year.
Available by 14 August 2026
If you hold Business Expenses or Income Protection insurance outside super, we’ll send you an Annual Tax Letter that summarises the total premiums paid over the past financial year and the portion that’s tax deductible. Please only disclose the deductible portion of your premium in your tax return.
Available by 31 August 2026
If your SMSF has paid insurance premiums during the financial year, we’ll send you an SMSF Annual Statement that summarises all insurance premiums paid in the last year. The SMSF trustee may be able to claim a tax deduction on some or all of the insurance premiums it paid during the financial year when lodging the SMSF Annual Return.
Available by 31 August 2026
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). This outlines the contributions you may be eligible to claim a tax deduction on, depending on the eligibility conditions.
Available by 15 September 2026
If you've claimed on your Business Expenses or Income Protection insurance outside super, we'll send you an Annual Benefit Payment Letter. This outlines the benefits you've received over the past financial year and portion that isn’t taxable income. Please make sure to disclose the annual benefit as income in your tax return.
EOFY statements will be available online in the Customer Portal at my.acenda.com.au/documents for:
Your statement will be mailed to the address we have on file if you:
Please 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.
Not all policies generate an EOFY tax statement. The statement you receive depends on your policy, cover type, and whether you made deductible contributions or received benefits.
As a life insurance product provider, Acenda Life is not licensed to provide tax advice. Taxation rules can be complex and often change, so it’s always a good idea to seek advice from a financial adviser or registered tax agent before lodging your tax return. Acenda Life can only provide information on the deductions you may be eligible to claim and help ensure you’re meeting your tax obligations.
If your insurance policy is held inside super and you’ve made personal super contributions to pay for the insurance premiums (e.g. by direct debit, credit card, or BPAY), you may be able to claim a tax deduction for these 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 these contributions, please:
If you have a policy with online access, you and your financial adviser can both view your statement online in the Customer and Adviser Portals.
If you have trouble logging in, visit our support page.
When it comes to life insurance, tax rules are different for each cover type and payment method. Check out Insurance cover and tax to learn more about which premiums may be tax deductible.