{"id":26003,"date":"2024-04-08T09:31:39","date_gmt":"2024-04-07T23:31:39","guid":{"rendered":"https:\/\/www.accurium.com.au\/blog\/2024\/04\/\/"},"modified":"2024-04-08T09:32:11","modified_gmt":"2024-04-07T23:32:11","slug":"income-protection-insurance-and-temporary-incapacity-benefits","status":"publish","type":"post","link":"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/","title":{"rendered":"Income protection insurance and temporary incapacity benefits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26003\" class=\"elementor elementor-26003\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d750fac e-flex e-con-boxed e-con e-parent\" data-id=\"d750fac\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c9619f0 e-con-full e-flex e-con e-child\" data-id=\"c9619f0\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5b29677 elementor-widget elementor-widget-image\" data-id=\"5b29677\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-300x300.png\" class=\"attachment-medium size-medium wp-image-2812\" alt=\"\" srcset=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-300x300.png 300w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-150x150.png 150w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-100x100.png 100w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1.png 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fcf6668 e-con-full e-flex e-con e-child\" data-id=\"fcf6668\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-da298d3 elementor-widget elementor-widget-text-editor\" data-id=\"da298d3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Written by:<\/strong><br \/>Mark Ellem<br \/>Head of Education (SMSF)<br \/>Accurium<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ad5a889 e-flex e-con-boxed e-con e-parent\" data-id=\"ad5a889\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-272f1c1 elementor-widget elementor-widget-text-editor\" data-id=\"272f1c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Understanding the intricacies of income protection insurance within a self-managed superannuation fund (SMSF) is crucial to navigate the compliance requirements and taxation rules effectively. While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. However, doing so requires careful consideration of temporary incapacity benefit regulations.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Income protection insurance proceeds received by an SMSF are not assessable income but fall under Capital Gains Tax provisions, ensuring tax-free treatment for the fund. When paying a temporary incapacity benefit to a member, the SMSF must adhere to strict compliance standards, including defining temporary incapacity, payment limits, and tax withholding obligations.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The common mistakes I see in relation to an SMSF paying a temporary disability payment are:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Including the insurance proceeds as assessable income of the fund.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Simply passing the full amount of the monthly insurance proceeds to the member.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">No PAYG withholding registration; withholding or reporting.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Disclosing only the taxable component of the payments from the superannuation fund in the individual\u2019s tax return as a superannuation pension and claiming a 15% tax offset (Item 7 of the individual tax return).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li><\/ul><p>\u00a0<\/p><p><span data-contrast=\"auto\">In addition to non-compliance with the SIS payments standards, this can result in the individual being assessed incorrectly for tax purposes. Where an SMSF member wants to have their fund hold income protection insurance, rather than in their own name, be sure to educate them on the rules, restrictions and administration requirements, not to mention the potential additional administration and audit costs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8f8c832 e-flex e-con-boxed e-con e-parent\" data-id=\"8f8c832\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-946d701 e-con-full e-flex e-con e-child\" data-id=\"946d701\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b0b2f0d elementor-view-default elementor-position-top elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"b0b2f0d\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon elementor-animation-\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-bell\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t<span  >\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tJoin us for an exclusive webinar discussing the complexities of income protection insurance and the temporary incapacity condition of release within SMSFs. Mark Ellem, our Head of SMSF Education will delve into compliance requirements, taxation nuances, and best practices to ensure your SMSF operates smoothly while providing essential benefits to members. Don't miss this opportunity to gain valuable insights and avoid costly mistakes. Register now to secure your spot and empower your SMSF management journey. \t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-09f732f e-flex e-con-boxed e-con e-parent\" data-id=\"09f732f\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1e12c1f e-con-full e-flex e-con e-child\" data-id=\"1e12c1f\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-89054ed elementor-grid-2 elementor-widget__width-initial elementor-grid-tablet-3 elementor-grid-mobile-2 elementor-products-grid elementor-wc-products elementor-widget elementor-widget-woocommerce-products\" data-id=\"89054ed\" data-element_type=\"widget\" data-widget_type=\"woocommerce-products.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"woocommerce columns-2 \"><ul class=\"products elementor-grid columns-2\">\n<li class=\"product type-product post-25982 status-publish first instock product_cat-accurium product_cat-live-online-event product_cat-smsf product_cat-webinar product_tag-income-streams-pensions has-post-thumbnail sold-individually taxable shipping-taxable purchasable product-type-simple\">\n\t<a href=\"https:\/\/www.accurium.com.au\/product\/income-protection-insurance-and-temporary-incapacity-benefits\/\" class=\"woocommerce-LoopProduct-link woocommerce-loop-product__link\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2024\/04\/Income-protection-insurance-and-temporary-incapacity-benefits-300x300.png\" class=\"attachment-woocommerce_thumbnail size-woocommerce_thumbnail\" alt=\"\" srcset=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2024\/04\/Income-protection-insurance-and-temporary-incapacity-benefits-300x300.png 300w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2024\/04\/Income-protection-insurance-and-temporary-incapacity-benefits-150x150.png 150w, https:\/\/www.accurium.com.au\/wp-content\/uploads\/2024\/04\/Income-protection-insurance-and-temporary-incapacity-benefits-100x100.png 100w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><h2 class=\"woocommerce-loop-product__title\">Income protection insurance and temporary incapacity benefits<\/h2>\n\t<span class=\"price\"><span class=\"woocommerce-Price-amount amount\"><bdi><span class=\"woocommerce-Price-currencySymbol\">&#36;<\/span>120.00<\/bdi><\/span> <small class=\"woocommerce-price-suffix\">+GST<\/small><\/span>\n<\/a><a href=\"?add-to-cart=25982\" data-quantity=\"1\" class=\"button product_type_simple add_to_cart_button ajax_add_to_cart\" data-product_id=\"25982\" data-product_sku=\"\" aria-label=\"Add to cart: &ldquo;Income protection insurance and temporary incapacity benefits&rdquo;\" aria-describedby=\"\" rel=\"nofollow\">Add to cart<\/a><\/li>\n<\/ul>\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Understanding the intricacies of income protection insurance within a self-managed superannuation fund (SMSF) is crucial to navigate the compliance requirements and taxation rules effectively. While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. However, doing so requires careful consideration of temporary incapacity benefit regulations. <\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[56],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income protection insurance and temporary incapacity benefits - Accurium<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income protection insurance and temporary incapacity benefits - Accurium\" \/>\n<meta property=\"og:description\" content=\"Understanding the intricacies of income protection insurance within a self-managed superannuation fund (SMSF) is crucial to navigate the compliance requirements and taxation rules effectively. While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. However, doing so requires careful consideration of temporary incapacity benefit regulations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\" \/>\n<meta property=\"og:site_name\" content=\"Accurium\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-07T23:31:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-07T23:32:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-300x300.png\" \/>\n<meta name=\"author\" content=\"Mikala Whiting\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mikala Whiting\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\"},\"author\":{\"name\":\"Mikala Whiting\",\"@id\":\"https:\/\/www.accurium.com.au\/#\/schema\/person\/0c496f6cec2debf4832f2f6bfef01ca6\"},\"headline\":\"Income protection insurance and temporary incapacity benefits\",\"datePublished\":\"2024-04-07T23:31:39+00:00\",\"dateModified\":\"2024-04-07T23:32:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\"},\"wordCount\":344,\"publisher\":{\"@id\":\"https:\/\/www.accurium.com.au\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.accurium.com.au\/wp-content\/uploads\/2023\/07\/Mark-2021-colour-1-300x300.png\",\"keywords\":[\"Income streams\/pensions\"],\"articleSection\":[\"SMSF\/superannuation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\",\"url\":\"https:\/\/www.accurium.com.au\/blog\/2024\/04\/income-protection-insurance-and-temporary-incapacity-benefits\/\",\"name\":\"Income protection insurance and temporary incapacity benefits - 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While income protection insurance is typically held outside of superannuation due to tax deduction advantages, some opt to include it in their SMSF for various reasons. 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