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#26 2016-01-27 05:05:02

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,528

Re: Insurances

SilverDJ wrote:
JulieW wrote:

Health Insurance - Just pay the medicare  levy and hope, or pay extra for some level of control?

I just have the minimum required to offset the extra tax.
Can be important if panning kids.

Actually, when the levy first started it was cheaper to get basic private hospital cover than the 1% extra levy you got charged.
Not sure if that's the still the case, but I think it's close. So might as well get basic hospital cover.

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#27 2016-01-27 05:07:30

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Insurances

SilverDJ wrote:
SilverDJ wrote:
mmm....shiney! wrote:

@SilverDJ, you cannot take out Income protection insurance as part of your SMSF, it must be paid for privately.  smile

Oh, bugger, was about to check on that sad

I checked and it seems you can:
http://www.wealthsmart.com.au/superannu … sf-income/
http://www.moneymanagement.com.au/news/ … rannuation
http://www.insurancewatch.com.au/life-i … smsfs.html

And yep, my life insurance SMSF provider offer it:
http://www.agigroup.com.au/wholesale-rates-for-smsfs

That's interesting, my broker said differently, or advised us that we pay it privately - it was one of those.

Thanks.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#28 2016-01-27 05:12:32

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Insurances

@SilverDJ, I've just done some reading and I think our adviser advised us to hold it outside of our SMSF because of the more favourable tax treatment, not because it was illegal. Inside your SMSF it only offsets up to 15% (the maximum tax rate SMSFs can pay), outside it offsets your marginal tax rate which can be as much as 45%.

Thanks for correcting me. smile


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#29 2016-01-27 05:17:29

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,528

Re: Insurances

mmm....shiney! wrote:

@SilverDJ, I've just done some reading and I think our adviser advised us to hold it outside of our SMSF because of the more favourable tax treatment, not because it was illegal. Inside your SMSF it only offsets up to 15% (the maximum tax rate SMSFs can pay), outside it offsets your marginal tax rate which can be as much as 45%.

True. Although it sometimes pays to think about personal cash flow too. Whilst I can easily afford it personally, it feels nicer to use some of that useless SMSF money big_smile
But interestingly I just got a dummy quote from my SMSF provider and it separated out the income protection part into a personal instead of SMSF. Strange.
https://agismsf.com.au
O5IqYOb.png

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The following user says thank you for this post: mmm....shiney!

#30 2016-01-27 05:22:34

mmm....shiney!
Silver Stacker
From: 昆士蘭
Registered: 2010-11-15
Posts: 15,941
Trades :   102 
Website

Re: Insurances

My Insurance protection is due in about October. My plan is to use my tax refund cheque, which should be higher than in previous years because of insurance protection to pay my annual premium in order to minimise any impact on my cash flow.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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