SMSFs and insurance - are you covered? | Accurium

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SMSF trustees are required to consider whether to hold insurance on behalf of a member as part of the fund’s Investment Strategy. Where insurance is held, there are several rules and issues to be considered to ensure compliance with SIS and the Tax Act. 

This webinar will review the SIS rules for the types of insurance that an SMSF can hold on behalf of a member, as well as the tax deductibility rules under the Tax Act. We will also review the affect of the transfer balance cap on a death benefit pension that includes insurance proceeds and the latest on transferring a death benefit pension, that includes insurance proceeds, from one fund to another. 

Learning outcomes:

  • List the types of insurance permitted by SIS that an SMSF can hold on behalf of a member.
  • Explain the requirement for insurance to be considered as part of an SMSF’s Investment Strategy.
  • Compare the rules for deductibility of the cost of insurance.
  • Assess the transfer balance cap consequences of an SMSF receiving insurance proceeds on the death of a member.
  • Evaluate the recent changes concerning the transfer of a death benefit pension between funds. 
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Disclaimer

This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.