Is Commercial Property Insurance Tax Deductible?

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Table of Contents

The expenses of owning a commercial property can add up quickly, which is why it is useful to take advantage of the tax deductions available. Coincidentally, a common question amongst business owners is in regards to the tax deductibility of commercial property insurance.

Commercial property insurance acts as a safeguard for businesses, offering financial protection against unforeseen risks and liabilities. It specifically covers the physical structure of your commercial building, allowing owners to be covered for losses caused by events such as fire and malicious damage as well as other types of damage to the building’s structure.

Generally commercial property insurance is tax deductible. According to the Australian Taxation Office (ATO), you may be able to claim deductions for most operating expenses in the same income year you incur them. Additionally, insurance premiums are included in the ATO’s definition of operating expenses. Generally, commercial property insurance is an ordinary business expense, and like any other business expense, it should be tax deductible for most businesses!

The general disclaimer applies that while premiums for commercial property insurance may be tax-deductible in many cases, it’s important to always seek professional tax advice for your personal situation.

Why use an insurance broker such as CIB?

At Consolidated Insurance Brokers, we provide transparent, personalised and professional advice from educated professionals. This has helped us provide our clients with a perfect blend of value, outstanding benefits, and customised insurance services. In fact we’ve been recognised as one of Australia’s Top Brokerages in 2022 and 2023 by industry peers and by our many gracious clients willing to give our amazing staff a 5-star review.

With over 15 years of helping Australians protect their livelihood, we’ll help you safeguard whatever is important to you. We will help you understand the key aspects of your insurance, enabling you to make better decisions around risk management and your assets.

We will help you keep track of your coverage, take care of your insurance renewals and provide new quotes for your cover every year to ensure you’ve always got fit for purpose cover at a competitive price.

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