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Insurance traps for SMSF members

Publication date: 12 Apr 16 | Source: CCH TAX WEEK

Issue: Issue 13, 8 Apr 2016

Pages: pp 1-3

Abstract:

Some people who exit large funds and start a new SMSF leave a portion of their superannuation in the large fund. This is often because it can be relatively simple to retain life, total and permanent disability (“TPD”) and income protection insurance cover in a large fund.

While the above strategy broadly works, SMSF members need to be careful of traps in large funds that can cause a loss of cover. This article highlights some of the traps and pitfalls to look out for.

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Author profiles

Gary CHAU
- Current at 12 April 2016
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David Oon
David is a Consultant with DBA Lawyers. - Current at 30 August 2017
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Bryce Figot CTA
Bryce is a Director at leading SMSF law firm DBA Lawyers. He practices predominantly in taxation and superannuation law, particularly the law of SMSFs. He is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. He presents extensively to accountants, financial planners and lawyers Australia-wide. Bryce has worked with DBA Lawyers since 2003. He holds both a bachelor degree and a masters degree in law and is an accredited Specialist SMSF Advisor. - Current at 30 August 2017
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