If you are registered for GST and depending on the type of insurance you choose for your business, you may be able to claim tax credits for the GST component of your insurance premium.

If you hold an insurance policy for your business and are registered for GST, you can tell your insurer how much of the premium you are able to claim GST credits for. You can claim GST credits on the part of your premium that relates to business purposes. If you do not tell your insurer before making a claim, you may have to pay GST when your claim is settled.

For more information on whether you can claim GST credits, visit the Tax Office website.