Insurance Tax Deduction Guide
Enter the deduction in the relevant section of your ITR12 tax return on SARS eFiling. Keep all supporting documents for 5 years.
Deductible Insurance
Business insurance including property, liability, professional indemnity, and vehicle insurance used for business are deductible.
Non-Deductible Insurance
Personal life insurance, medical aid premiums, and personal vehicle insurance are not deductible. These are considered personal expenses.
Key Person Insurance
Key person insurance premiums are generally not deductible, but the proceeds may be tax-free in the hands of the business under certain conditions.
Frequently Asked Questions
How do I claim this deduction on my tax return?
Enter the deduction in the relevant section of your ITR12 tax return on SARS eFiling. Keep all supporting documents for 5 years.
What documents do I need?
Keep receipts, invoices, tax certificates, logbooks, and any other proof of the expense. SARS may request these during verification.
Can Admin Boss help with my deductions?
Yes. Admin Boss is a registered tax practice that can review your deductions, ensure compliance, and maximise your tax savings. Visit adminboss.co.za/need-more-info/.
Need Help With Your Tax?
Admin Boss is a registered tax practice with over 20 years of experience helping South African individuals and businesses navigate SARS.