Does Life Insurance Premium Include GST?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance is exempt from GST (Goods and Services Tax) in Australia because it is classified as a financial supply there, and Australia exempts financial supplies from GST. Likewise, there is no GST related effect when payment of claims are made by the life insurance policy. GST is also not included in life insurance premiums in New Zealand as life insurance is also exempt from GST in New Zealand. 
    Answered on April 24, 2013
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