Skip to content

SMSF – insurance

SMSF – insurance

  • 1. trustees of self managed superannuation funds (SMSFs) consider insurance for their members as part of the fund’s investment strategy;

This does not mean that life insurance must be included in every Fund but it does mean that the Investment strategy should show that the matter has been appropriately considered.

  •  2. money and other assets of an SMSF be kept separate from those held by a trustee personally and by a standard employer-sponsor or an associate of a standard employer-sponsor;

 This has always been the case but is now an operating standard which gives the ATO greater enforcement powers.

  •  3. SMSF assets be valued at market value for reporting purposes.

 This formalises a previous ATO guideline that we have always abided by.

 Given that points 2 & 3 should already have been in place for most Funds it will be the need to consider life insurance which will cause the most activity as the majority of Fund investment strategies will probably require alteration. Auditors will require that Investment Strategies comply.

07 55965758

Posted in Super
Please note that due to Covid 19 restrictions, we can only have one client in a meeting with a staff member at any one time. We will be staggering appointments and staff availability due to this.

Plant & Associates Newsletter

Sign up for the Plant & Associates Newsletter using the form below.