It is mandatory that SMSF trustees formulate, review regularly and give effect to an investment strategy that has regard to whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund. Further, post 1 July 2014, trustees can’t provide an insured benefit in relation to a member unless the insured event is consistent with specific conditions of release such as death. These words are largely derived from the SIS Regulations that form part of the operating standards that SMSF trustees must abide by. A breach of the operating standards can result in administrative penalties being imposed on the SMSF trustees in their individual capacity. Interestingly those penalties have increased from 1 January 2023.
This webinar will consider the pros and cons of holding insurance inside an SMSF. Particular focus will be given to the taxation implications, both positive and negative, to both the member or their beneficiaries and also the fund when holding insurance linked to the payment of the following benefits following the satisfaction of the relevant condition of release:
No insurance presentation would be complete without considering insurance held prior to 1 July 2014, transferring insurance benefits to an SMSF, insurance in retirement phase, lump sums versus pension and of course identifying other reasons why insurance may be held in a fund.
At the end of this webinar, participants will have an appreciation for:
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Presenter: Tim Miller
Date: Wednesday 8th February
Time: 12:30 pm – 1:30 AEDT
SuperGuardian’s education activities are assessed against the SMSF Association’s professional education standards. Being recognised as an SMSF Association Accredited Educator enables us to work closely with the Association in lifting the standards of professional SMSF advice and services through quality SMSF education.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.
Tim is an SMSF Association Specialist Adviser.