News : Insurance

Insurance

Premium deduction choices clarified

The ATO has noted SMSFs claiming deductions for insurance premiums can only do so under two parts of the tax laws and where one is disallowed, the other may apply.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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Compliance, financial advice, Insurance

Seek legal advice on injury contribution

Self-managed superannuation SMSF personal injury settlement settlement compensation superannuation contribution BT Financial Group Tim Howard

Practitioners advising SMSF members on using personal injury settlements for super contributions should ensure the payments meet key eligibility criteria.

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Auditing, Insurance

Auditor PI cover familiarity needed

Professional indemnity insurance PI insurance SMSF auditor DBA Lawyers Bryce Figot

SMSF auditors should check their PI insurance policy to determine if it will cover costs arising from a regulator’s review.

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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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