Income Protection insurance aims to protect your income in the event that you become disabled or is unable to work due to illness or injury. This cover ensures a steady stream of income on a monthly basis of up to 75% of your current gross monthly income. The premium from this policy is tax deductible under Section 52 of the tax assessment act as an expenses incurred to provide a taxable income. Apart from the business owner, a business expense policy can also be included, covering business expenses such as:
- Rent
- Electricity
- Telephone
- Legal fees
- Accounting fees
- Salaries
- Other overheads