Forsyths Accounting Services
Income Protection in Mackay
- Supporting Mackay since 1949
- Independent and locally owned business
- Accounting services for a range of clients
About This Service
Mackay Income Protection
Life’s unexpected interruptions can create financial pressure that’s difficult to plan for. At Forsyths Accounting Services in Mackay, we provide guidance on income protection with an aim to support your broader financial position.
We consider your employment setup, ongoing commitments and personal priorities when discussing policy options with you. Income protection can be complex, especially when policies vary across providers and timeframes. Our consultants stay informed on regulatory changes and policy features to support informed discussions.
Whether you’re self-employed, contracting or working full-time, we offer insight into what may suit your current situation.
To discuss income protection with a local consultant, give us a ring on (07) 4953 1099.
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Frequently Asked Questions
What is income protection insurance and how does it work?
Income protection insurance is designed to provide payments if a person is unable to work due to illness or injury. Policies typically cover a percentage of pre-tax income and pay benefits after a waiting period. Coverage terms, payment periods and eligibility criteria vary, and individuals should compare policies to understand what applies in their situation.
Who should consider income protection insurance?
Anyone who relies on their income to meet living expenses may consider income protection insurance. This includes employees, sole traders and company directors. Individuals in physically demanding roles or without large savings may also assess whether this cover suits their needs, as it relates to their specific financial responsibilities and risk tolerance.
Is income protection insurance tax deductible in Australia?
In many cases, premiums for income protection insurance may be tax deductible if the policy is held outside superannuation and directly relates to income earning. However, if the cover is bundled or held within super, different tax rules may apply. Individuals should check the ATO website or seek professional advice relevant to their situation.
What We Offer
Guidance on Policy Types
Income protection policies differ by premium type, waiting period, benefit period and cover amount. Each element affects how the policy behaves under specific conditions. Some clients want to understand the trade-offs between cost and coverage, while others want to explore how different ownership structures impact outcomes.
Our goal is to make these conversations constructive by focusing on what’s most relevant to your work and financial context. We avoid blanket recommendations and instead highlight how policy settings interact with your current responsibilities.
Whether it’s part of a broader financial review or a standalone conversation, we draw on current industry knowledge with an aim to help break down the key considerations.
