News : Insurance

Insurance, SMSF, Tax

Tax restricts insurance advantages

Life insurance SMSF Self-managed superannuation

The advantages of holding life insurance inside super are offset by the limits as to who can receive benefits and the tax they may pay as a result of the payment.

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Administration, Insurance, SMSF, Superannuation

No distinction in insurance benefit treatment

Life insurance SMSF Self-managed superannuation Premiums Death benefits Member benefits

Benefits paid from a superannuation-funded life insurance policy do not have different status to other benefits, unless held by a separate super vehicle.

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Insurance, Pensions, SMSF, Tax

Insurance benefits limited by pensions

Insurance SMSF Income stream Pension

Certain retirement income streams can limit SMSFs from claiming the full range of tax benefits available on their insurance policies.

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Insurance, SMSF

Insurance strategy tax effect wide

Life insurance SMSF Tax deduction SMSF Professionals Day 2024 Accurium Anthony Cullen

The tax implications of deciding to hold life insurance inside an SMSF extend beyond the deductibility of the premiums paid for the cover.

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Insurance, LRBA, Property, SMSF

LRBA insurance payments not linear

LRBA Life insurance SMSF Business real property

SMSFs holding life insurance to cover liabilities from an LRBA should be aware any benefits from the policy may not actually be applied to the arrangement.

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Insurance, SMSF

Insurance cover details skewed

Life insurance SMSF Investment strategy Insignia Financial The Auditors Institute

Levels of insurance cover for SMSF members are likely being clouded by the ageing demographic of members and the use of policies held outside the fund.

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Insurance, SMSF, Superannuation

Avoid insurance held by another fund

SMSF Superannuation Life insurance ownership Insignia Financial Jon de Fries

SMSFs should not purchase life insurance cover held within another super fund as this type of financial protection is not legally available to them.

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Insurance, Regulation, SMSF

Insurance consideration ineffective

Life insurance SMSF Liability Investment strategy

The number of SMSFs holding life insurance appears to not have increased significantly since the introduction of a requirement to consider these policies as part of a fund’s investment strategy.

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Insurance, Investments, SMSF

Guidance doesn’t negate insurance duty

SMSF collectables ATO guidance insurance

ATO guidance on what constitutes a collectable does not remove a trustee’s responsibility under superannuation laws to properly store and protect any asset.

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financial advice, Insurance, SMSF

New PI insurance offering launched

Professional Indemnity Insurance Adviser Ratings Numerisk Financial advisers

A ratings agency and an insurance and risk advisory firm have joined forces to introduce a new professional indemnity insurance product for financial advisers.

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