We cancelled some insurance policies in 2017FY and received refunds for part of the premium. Where should this be included in our tax returns? I was thinking to offset it against insurance expenses but the refund is greater than the insurance expense for some properties. The next option is other income. I did call the ATO but the person I spoke to obviously didn't understand the concept and told me I can't claim the refund as an expense so no help there.
Refund put under your investment property income, and claim the insurance you already paid - hence only pay tax on the net difference Income you must declare
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