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 16 years experience in the financial services industry. As part of the FirstTech team, Craig is responsible for providing specialist technical support to Colonial First State’s investment, superannuation and advice businesses and to act as a media spokesman on superannuation and retirement planning issues. Craig regularly presents at industry conferences and professional development events and is actively involved in providing ongoing specialist adviser education. Craig holds a Bachelor of Science and a Diploma of Financial Planning and is a SPAA SMSF Specialist Adviser.
- Current at
04 March 2015