claim car insurance on tax

Trying to claim your car insurance on your tax? Well, unless you're running a business or using the vehicle for work, the tax man isn't handing out freebies for personal insurance premiums. If the car is part of your business assets, you might be able to claim the insurance cost as a business expense, reducing your taxable income.

Keep in mind:

• Private car insurance premiums are generally non-deductible.
• Business-related vehicle insurance must be properly documented.
• Consult with a tax professional or the ATO for specifics.

Don't expect a refund just because you pay insurance; the tax office prefers you pay for that out of your own pocket.