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Notes Online Home 2018 Super Schools Day 2 Superannuation estate planning after the super reforms
Tips and traps with life insurance and paying out death benefits
In this segment of the notes, we show you the tips and traps with life insurance and paying out death benefits:
- Identifying the types of insurance policies that can be held in an SMSF – SIS Reg 4.07D
- How are life insurance proceeds dealt with (including allocated) when received by an SMSF?
- How does the proportioning rule apply when insurance proceeds are credited to a member’s account?
- Paying out a lump sum death benefit (with an insurance component) to a non-tax dependant – untaxed element
- When should SMSFs claim a tax deduction for life insurance premiums?
- How SMSFs can claim huge deductions in relation to life insurance