Yes My Accountant sent out a Form letter covering these new requirements. He said "insurance' for members was "compulsorary".
I have SMSF - 2 members I am 70- other member is married, 40's I have enough in Fund to take care of myself & have no dependents at this stage. Other member has a Life Policy for himself paid for by himself.
I am going to argue that thees factors provide adequate cover for members & thus do not involve an expense for the Fund.(Resposible managemnet by Trustees!) I will Minute this decision with a note of Policy Number .
This week the BAnTacs news letter covers this Noel Whittaker points out that there would be problem if the SF paid a disability Policy& the member could maybe still do some work. The prob would be that the member would not qualify as meeting one of the provisions of Release of money from Fund & payout would remain in Fund till retirement- not very helpful. It's worth a read as clarifies a few points.
Visit the BAN TACS Newsflash page www.bantacs.com.au/newsflash.php
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