Insurance based deductions

Self Managed Superannuation Funds (SMSFs) remain one of the most powerful retirement income and estate planning vehicles, even with the superannuation reform measures introduced from 1 July 2017.

With the abolishment of anti-detriment payments and the accompanying tax deduction from 1 July 2017, the purpose of this bulletin is to contemplate whether a Fund should consider claiming an alternative tax deduction, a deduction based on the future service portion of a benefit paid, available when a member dies or becomes disabled prior to age 65.