Published on 29 Aug 13
by NATIONAL DIVISION, THE TAX INSTITUTE
Insurance is sometimes a “forgotten area” for SMSFs. This paper addresses the crucial role of insurance in SMSFs, by considering the following:
- does insurance have a role to play in SMSFs?
- can group life be offered to SMSFs?
- what happens to insurance after commencement of an income stream?
- is there a role for insurance in connection with an SMSF borrowing strategy?
- deductions for premiums/assessability of insurance proceeds
- insurance applications: life, disability, trauma, terminal illness, income replacement
- tax effectively managing receipt of taxable component/element untaxed inthe fund
- allocation of insurance proceeds to reserve and availability of tax deductionsfor death benefit payments.
Craig is the Executive Manager of
Colonial First State’s technical
services team, FirstTech, and has over
19 years’ experience in the financial
services industry. In his role, Craig is
responsible for providing specialist
technical support to the
Commonwealth Bank of Australia’s
investment, superannuation and
advice businesses and to act as a
media spokesman for Colonial First
State on superannuation and
retirement planning issues.
- Current at
30 May 2019