Welcome to ESUPERFUND’s September Newsletter.
In this issue, we look at setting up insurance policies for property, collectables and personal use assets held by a SMSF. We also detail some changes to the ESUPERFUND website.
Lastly, we highlight six short animated videos released by the ATO which are designed to alleviate some of the common concerns surrounding managing your superannuation.
Client Services Manager
SMSF Investment Insurance
Although it is not compulsory to set up property insurance, trustees of a SMSF which owns a property are required by the Superannuation Industry (Supervision)
Act 1993 (SIS) to consider the relevant risks involved and subsequently the insurance needs for all investments.
ESUPERFUND does not currently have any preferred providers for property insurance therefore you will firstly need to determine whether you wish to insure the SMSF property and
then you will need to arrange the insurance. To avoid any audit issues, you must ensure that the insurance policy is established correctly under the fund’s name and
that it clearly indicates the property address.
You should also ensure that the insurance premium payments are made from your SMSF bank account.
Collectible and personal use assets Insurance
Collectables and personal use assets purchased by an SMSF must be insured in the name of the SMSF within seven days of purchase as required by the Superannuation Industry Supervision Regulations 1994 (SISR).
The SMSF trustees are advised to investigate the availability of appropriate insurance for the collectable or personal use asset as well as the cost of insurance prior to making the purchase.
Please note that ESUPERFUND does not currently have any preferred providers for collectables and personal use assets insurance therefore you will need to arrange the insurance.
Please be mindful that the fund's collectables and personal use assets may be insured under separate policies or collectively under the one policy, but it must be under the fund’s name.
It’s prohibited to, for example, insure the assets as part of a trustee's home and contents insurance.
More information about Collectible and personal use assets Insurance can be found on the ATO's website.
Redesign of the ESUPERFUND Website
Recently the navigation and content of our website (https://www.esuperfund.com.au/) has been updated to provide you with an improved user experience when searching for information regarding your SMSF.
Here are some of the changes:
Creation of an ‘Other Assets’ section
Updates to the Investments, Bank, Term Deposits and Property sections
Redesign of the Articles section
Have a look and feel free to let us know what you think!
[ATO Super Videos] Tips and explanations of some important Super topics
The Australian Taxation Office has produced a suite of six short animated videos designed to provide you with tips and simple explanations of some of the most important superannuation topics including:
How to combine multiple super accounts using myGov
Putting money into super and the super caps
Division 293 tax
Super for the self-employed
More details can be found on the ATO’s website and you can watch the ATO’s video for further information about Super.