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If complex advice is provided by an Authorised Representative in regard to personal or business related risk insurance strategy and the advice is not acted on , then the cost of the advice provided and received should be tax deductible.
If the risk insurance product is implemented, the premium cost of the Life, TPD and Trauma Insurance components should be tax deductible without claim proceeds being assessable if outside the superannuation space.
Income Protection Insurance premiums being mostly deductible but assessable at claim time as replacement of income is acceptable.
The objective surely should be to make personal risk insurance advice and product more affordable to the consumer to attempt to encourage a greater take up of both advice and risk insurance product through qualified advisers.
The tax deductibility of risk advice and product should only be available if the individual receives the advice via a documented and personal advice process and through an Authorised Representative.It should not be tax deductible if the product is purchased online, directly or without documented and personal advice provided.