News : Insurance

Insurance

Insurance payment confusion can derail benefits

SMSF life insurance

The SMSF sector has not properly understood how life insurance premiums can be paid from a fund, which may lead to problems when benefits are paid.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Insurance, Investments

Insurance key part of investment strategy

SMSF insurance strategy

SMSF trustees must remember the provision of insurance via their fund is covered by the investment strategy and must carry appropriate reasoning.

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Insurance, Superannuation

Cancel life cover before starting fund wind-up

SMSF life insurance

SMSFs holding life insurance policies should cancel them before starting the wind-up process to ensure the fund is not incorrectly viewed as active.

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ATO, Insurance

Prior insurance vital for collectables

collectable assets

Trustees who invest in collectable and personal-use assets inside an SMSF are being advised by the ATO to consider insurance before purchasing the asset.

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ASIC, Financial Planning, Insurance

ASIC moves on AMP over deceased client fees

AMP fees deceased customers

ASIC has started legal action against five AMP companies in regards to claims they charged advice fees and insurance premiums to dead customers.

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Insurance

ATO clarifies collectables insurance stance

SMSF collectables insurance

SMSFs must directly hold insurance for collectables, the ATO has stated after the SMSF Association sought clarity on the matter.

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Insurance

Six-member funds offer insurance benefits

six member funds insurance

Six-member funds will allow SMSFs to better pay for life insurance cover and retain any associated benefits for more members.

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Insurance

Correct evidence needed for TPD

TPD definition tax SMSF

Disabled members will not automatically meet the TPD definition for tax purposes despite satisfying both the underwriter and SIS Act definitions, an SMSF technical expert warns.

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Administration, Insurance

Flaw in admin systems detected

Administration software insurance

A weakness exists in standard administration software being used for SMSFs that could impact certain fund strategies, a technical mentor has said.

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