Insurance premiums can be paid by an SMSF on behalf of the Beneficiaries (Members) in the SMSF.
Although insurance premiums can be paid by an SMSF, you can generally get better rates for insurance through Industry Superannuation Funds. Industry Funds negotiate group rates with insurers at better rates than what you can get on an individual basis.
If you decide to pay insurance from your SMSF (or Industry Fund, as explained above), the types of insurance are:
It is worthwhile to note that Life Insurance premiums are not deductible in a personal capacity as an income tax expense but is deductible as a tax expense in an SMSF.
To obtain SMSF Insurance service within Australia with Superannuation Warehouse, you can use any Insurance provider of your choice. The SMSF will then pay the insurance premiums on your behalf.
Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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