News : Insurance

New PI insurance offering launched

March 5, 2024

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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Insurance, Tax

Examine TPD policy to reduce tax impact

February 29, 2024

Jason Spits

The type of TPD cover an SMSF trustee holds and how they choose to claim on it can have significant tax implications if not managed correctly.

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Auditing, Compliance, Insurance

Auditor PI should cover review action

SMSF auditors professional indemnity PI insurance ATO review Bryce Figot DBA Lawyers

November 23, 2023

Jason Spits

SMSF auditors should check their PI insurance will fund a defence against an ATO review, as well as being sued by clients.

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Administration, Insurance, Management, SMSF

Older policies can trap benefits

September 5, 2023

Jason Spits

SMSF members with temporary incapacity insurance may find the benefits trapped in the fund if the policy has not been reviewed or funded through the right channels.

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Insurance, SMSF, Superannuation

SMSF-funded insurance may be illegal access

August 23, 2023

Jason Spits

SMSFs paying for life insurance in an APRA-regulated fund may find the payments are considered to be illegal early access rather than premiums.

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Insurance, SMSF, Strategy, Tax

Insurance source doesn’t impact tax

August 14, 2023

Todd Wills

SMSF trustees are not required to use funds from their superannuation accumulation accounts to cover life insurance premiums in order to qualify for a tax deduction.

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Insurance

SMSF insurance costs deductible

July 27, 2023

Darin Tyson-Chan

Proportionately taxed income of an SMSF has no effect on the deductibility of insurance premiums for risk cover held inside the fund.

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Insurance

Make insurance decision more explicit

July 20, 2023

Jason Spits

SMSF practitioners should encourage trustees to make explicit decisions around life insurance, rather than just give it consideration, and then document those decisions.

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Contributions, Insurance

Act quickly on injury payment contributions

June 21, 2023

Jason Spits

SMSF members must act quickly when using a personal injury settlement payment as a contribution as delays will cause it to breach the non-concessional cap.

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Insurance, SMSF

Trustees urged to review disability cover

June 8, 2023

Todd Wills

Trustees choosing not to purchase permanent disability insurance due to cost-of-living pressures should be reminded they can purchase it via their SMSF so as to not lose their cover.

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