2 Agenda Will be looking at: Requirement to consider insurance Why hold insurance through an SMSF? Life Insurance Permanent Incapacity Temporary Incapacity.
3 Requirement to consider insurance The Cooper Review found that only 13% of SMSFs have any form of insurance cover However, many SMSF members and Trustees are in pension phase and have no requirement for insurance But it is still important to understand how insurance proceeds are paid to members and their beneficiaries through an SMSF Especially important for younger SMSF members! There is also a legislative requirement to consider insurance for SMSF members.
4 Requirement to consider insurance SMSF Trustees are required to consider whether to hold insurance, such as life insurance, when they formulate the fund s investment strategy Trustees may evidence this requirement by documenting decisions in the fund s investment strategy or minutes of trustee meetings that are held during the income year Regulation 4.09 of the SIS Regulations (1994) is a prescribed standard applicable to the operation of superannuation entities Section 34 of the SIS Act (1993) provides that a person who intentionally or recklessly contravenes this standard is guilty of an offence Punishable by a fine not exceeding 100 penalty units ($18,000!).
5 Requirement to consider insurance Given the regulatory requirement and the fact younger SMSF members may be under-insured, what are the insurance options? Insurance through SMSF can provide coverage against an insured event: Death. Disability. Terminal Illness. Loss of income.
6 Life insurance SMSF may hold life insurance proceeds that may be paid out tax free to a death benefits dependant Proceeds may be taxed at up to 30% (plus Medicare Levy) where they are paid to a non-dependant But purchasing life insurance through a superannuation fund may mean premiums are deductible under s (ITAA 1997) Should be weighed up against the possible tax consequences applying to proceeds of a life insurance policy if paid to a non-dependant.
7 Life insurance Life insurance proceeds increase the taxable component (untaxed element) i.e. no Contributions Tax has been paid on these proceeds Only a spouse, disabled child, person with an inter-dependant relationship, financial dependant or minor child can take a death benefit as a pension An independent adult child or the Member s estate can receive a death benefit, but only as a lump sum Therefore insurance proceeds, if paid to an independent adult child, may be subject to lump sum tax Lump sum tax free if paid to a Tax Dependant.
8 Life insurance Special circumstances apply to minor children under the age of 18 if they receive the benefit in the form of a pension A child of the deceased will be required to commute the benefit to a lump sum once they reach age 25 The receiving lump sum will be tax free provided the pension is commuted before age 25 The requirement to cash the benefit as a lump sum by the time the child attains the age of 25 does not apply if the child is a dependant child with a permanent disability.
9 Case Study 1 Stuart, a member of an SMSF, has a balance of $350,000 The fund holds a life insurance policy of $650,000 on Stuart s life Stuart is widowed and has one child, Melanie, aged 14 Stuart dies in a car accident The fund receives the insurance proceeds of $650,000 Stuart s member balance in the fund is now $1,000,000.
10 Case Study 1 Melanie can receive the death benefit (including insurance proceeds) as a tax free lump sum or a death benefits pension Therefore $1,000,000 can be used to start a pension, pay a lump sum, or a combination of the two The pension can remain in place for Melanie, but must be commuted to a lump sum by the time she turns 25 At this age, the residual value of the pension is $1,200,000 This amount could then be paid to Melanie as a tax free lump sum at age 25.
11 Tax on life insurance proceeds Lump sum tax is payable as follows if benefit goes to SIS dependant : Tax Free Nil Taxable - taxed 15%* Taxable - untaxed 30%* *Plus Medicare Levy. The fund withholds the tax and pays the net benefit to the SIS dependant.
12 Case Study Keith s SMSF purchases a life insurance policy ($1m proceeds) and the fund has been claiming a deduction for the premium On 1 July 2015 Keith died Keith s DOB was 1 July 1960 Keith started work on 1 July 1980 His SMSF balance at date of death was $700,000, consisting of $300,000 tax-free and $400,000 taxable components Keith intended retiring on his 65 th birthday, which would have been 1 July 2025.
13 Case Study Keith is survived by his independent adult son Mick As Mick is a SIS dependant he can only receive the benefit as a lump sum Insurance proceeds are considered a untaxed taxable component Given $1,000,000 will be insurance proceeds, is the lump sum tax payable on this amount $1,000,000 x 32%* = $320,000? *Plus Medicare Levy. Plus $400,000 taxable component x 17% = $68,000? Therefore is total lump sum tax = $320,000 + $68,000 = $388,000?
14 Case Study Legislation prescribes how the tax components where a death benefit includes insurance proceeds The statutory formula to calculate the taxed element of the taxable component is: (Amount of super lump sum x Service days/service days + Days to retirement) Tax free component Service days are generally the number of days from the date the individual joined the super fund to the date of death Days to retirement are the number of days from the date of death to the 65 th birthday.
15 Case Study 1. Calculate the Taxed element Death benefit lump sum $1,700,000 Multiplied by service days/total period 12,784/16,437 Sub-total $1,322,188 Less tax free component $300,000 Taxed element $1,022,188
16 Case Study 2. Calculate the Untaxed element Death benefit lump sum $1,700,000 Less tax free component $300,000 Less taxed element $1,022,188 Untaxed element $377,812 Therefore lump sum benefit will consist of $300,000 tax free component, $1,022,188 taxable component and $377,812 taxable component (untaxed).
17 Case Study Tax free component (Nil tax) $300,000 Taxable component (Taxed element) $1,022,188 x 17% $173,772 Taxable component (Untaxed element) $377,812 x 32% $120,900 Total tax payable if benefit paid to Mick = $294,672.
18 Case Study Therefore the total lump sum tax paid by Mick on the payment of the death benefit including insurance proceeds is: $173,772 + $120,900 = $294,672 At first blush the lump sum tax on the $1,000,000 life insurance proceeds looks like it would be: $1,000,000 x 32% = $320,000 When we include the lump sum tax on the taxable component (taxed) of $400,000 it appeared the total tax would be: $68,000 + $320,000 = $388,000.
19 Case Study Thus the net benefit appeared to be: $1,700,000 - $388,000 = $1,312,000 However, due to the modification of the taxable (untaxed) element the net benefit is: $1,700,000 - $294,672 = $1,405,328 So Mick receives an extra $93,328.
20 Case Study What if the benefit is paid to a Tax Dependant? If Keith had directed the entire payment to his spouse (by way of say a BDBN) the benefit would have been received tax free The spouse could receive the benefit as a pension, tax free lump sum, or a combination of the two Such a strategy would have saved almost $300,000 in lump sum tax when compared with the benefit being paid to a SIS Dependant.
21 Life insurance proceeds taken as a pension If life insurance proceeds are used to commence a pension the components are based on the superannuation interest to which the proceeds are added If the superannuation interest is in accumulation mode, the proceeds are all a taxable component If the superannuation interest is in pension mode (and reversionary) the proceeds take the components of the pension If the superannuation interest is in pension mode (and non-reversionary) the proceeds are all a taxable component.
22 Case Study Richard was in receipt of a non-reversionary pension at the time of his death on 1 July The pension benefit in the fund was $600,000 and consisted entirely of a tax free component. Richard was covered by a life insurance policy held by the fund. The fund was paid $500,000 in respect of Richard s death. The amount was added to the superannuation interest that had supported Richard s income stream. But only if pension non-reversionary.
23 Case Study The Trustee of the fund decides to pay Richard s spouse Emma an income stream from 1 November 2013, which was as soon as practicable. The income stream consists of Richard s superannuation interest and the insurance proceeds. The benefit started as a pension on 1 November by Emma would be as follows: Tax Free $600,000 (54.55%) Taxable $500,000 (45.45%) Any earnings on the $600,000 from 1 July to 1 November 2013 will be exempt from tax.
24 Case Study If Richard s pension had been reversionary to Emma, the insurance proceeds would be the same component as the superannuation interest. As the pension was 100% tax free, the insurance proceeds received by the fund would also be tax free. So the benefit started as a pension on 1 November by Emma would be as follows: Tax Free $1,100,000 (100%) Any earnings on the $1,100,000 from 1 July to 1 November 2013 will be exempt from tax.
25 Life insurance proceeds taken as a pension If the Tax Dependant takes the insurance proceeds as an income stream, the tax position depends on their age If 60 or over the income stream is tax free If under 60 the taxable component is taxed at their marginal tax rate, less a 15% tax offset The income stream is considered an Account Based Pension, as a condition of release has been met (death).
26 Permanent incapacity Often called Total and Permanent Disability (TPD) insurance TPD insurance protects the member against the risk they will not be able to work again due to illness or injury Tax implications similar to life insurance going to a SIS Dependant In the case of a TPD benefit, the issue is determining how much of that benefit will form part of the tax-free component An untaxed element of the taxable component is not created when a TPD benefit is paid.
27 Satisfying the definition of TPD The member must first satisfy the insurer s definition of TPD TPD policies are either own or any occupation definitions Own occupation the member is unable to work again in their own occupation With this type of policy the member may satisfy the insurer s definition of TPD, but not the SIS definition The SMSF may receive the insurance proceeds, but the fund may not be able to release the benefit to the member.
28 Satisfying the definition of TPD Permanent incapacity is defined in the SIS Regulations (6.01(2)): Ill health (whether physical or mental), where the Trustee is reasonably satisfied that the Member is unlikely, because of ill health, to engage in gainful employment for which the member is reasonably qualified by education, training or experience. If the member is able to satisfy this definition, the Trustee is able to pay a lump sum to the member being the insurance proceeds and the member s account balance regardless of their age The member can also commence an income stream from the SMSF.
29 Income stream If the benefit is taken as an income stream the following rules apply: Tax free component - no tax is payable regardless of age Taxable component - under 60 tax is payable at the member s MTR less a 15% tax rebate Taxable component 60 or over no tax is payable. The pension will be subject to the payment standards that apply to an ordinary Account Based Pension No maximum withdrawal limit applies.
30 Example - Income stream Rachel, 36, has been diagnosed with MS and is unable to ever work again She has $100,000 in superannuation all a taxable component She has a TPD policy through superannuation with a value of $500,000 She satisfies both the Underwriter s and superannuation definition of TPD She decides to take an income stream from superannuation She will draw $40,000 per annum from the fund The income stream will be subject to a MTR of 37% (plus Medicare Levy).
31 Example - Income stream The tax payable will be at the rate of 39% (including Medicare Levy) The $600,000 will consist of a taxable component The $40,000 income stream will be subject to 39% tax (including Medicare Levy) A 15% tax rebate will apply to the $40,000 income stream The fund will withhold the tax (taking into account the 15% rebate) The net amount ($40,000 - $9,600) = $30,400 will be paid to Rachel.
32 Lump Sum The taxation treatment of the lump sum would be: Age at date of payment Tax Free component Taxable component Taxed element Tax Rate Under Preservation Age Tax Free Total Amount 20%* Preservation age to age 59 Tax Free First $195,000 Excess above $195,000 0% 15%* 60 + Tax Free Tax Free 0% * Plus Medicare Levy. The tax components of the insurance proceeds are determined by the superannuation interest into which they are paid.
33 How are the tax components determined? If the superannuation interest is in accumulation mode, the insurance components are all taxable If the superannuation interest is a non-reversionary pension, the insurance components are all taxable If the superannuation interest is a reversionary pension, the insurance components take the components of that pension For example, if the member has a reversionary pension that is 100% tax free component and has TPD insurance, then the TPD proceeds paid into that superannuation interest will be 100% tax free.
34 Example TPD Lump Sum Richard, 46, is permanently disabled after a driving accident He satisfies the insurer s definition as well as the SIS definition He has $120,000 in super, plus TPD insurance proceeds of $500,000 All his super is a taxable component Richard takes his benefit as a lump sum to pay off his mortgage The lump sum tax is $620,000 x 22% = $136,400 The net amount received is $620,000 - $136,400 = $483,600.
35 Disability Superannuation Benefit If the member can further satisfy the definition of Disability Superannuation Benefit then the benefit may include a tax free component Disability Superannuation Benefit is defined in s995-1(1) ITAA 1997 as: A Superannuation Benefit if: a) The benefit is paid to a person because he or she suffers from ill-health (whether physical or mental), and b) 2 legally qualified medical practitioners have certified that, because of the illhealth, it is unlikely that the person can ever be gainfully employed in a capacity for which he or she is reasonably qualified because of education, experience or training.
36 Disability Superannuation Benefit The calculation of the increased tax free component is as follows: Amount of benefit x days to retirement service days + days to retirement Where: Days to Retirement is the number of days in the service period for the lump sum Service Days is the number of days from the day on which the person stopped being capable of being gainfully employed to his or her last retirement day (usually when the Member turns 65 years old).
37 Case Study - Disability Superannuation Benefit Angela is 46 years old (DOB 30 May 1969) She stopped work due to her illness on 30 June 2015 Her balance in her SMSF is $325,000 - $125,000 tax free component and $200,000 taxable component In addition Angela held a TPD insurance policy in her SMSF of $500,000.
38 Case Study - Disability Superannuation Benefit The insurer paid out the proceeds of her TPD insurance policy to her SMSF As a result, Angela's balance in the fund is now $825,000 - $125,000 tax free and $700,000 taxable component If taken as a lump sum Angela receives the $125,000 tax free component lump sum tax free Angela will be required to pay tax on the taxable component at 22%, being $154,000 The net benefit to be paid to Angela as a TPD lump sum would be $671,000.
39 Case Study - Disability Superannuation Benefit Angela s tax free component of the lump sum can be increased by the following calculation: Amount of benefit x days to retirement service days + days to retirement $825,000 x 6,910 days 16,190 days =$352,115 additional tax free component Total tax free component is $352,115 + $125,000 = $477,115.
40 Case Study - Disability Superannuation Benefit Taxable component $347,885 Therefore tax payable by Angela on the $825,000 lump sum benefit will be: Tax Free Component of $477,115 Nil Taxable Component of $347,885 *22% = $76,535 By being able to satisfy the definition of a disability superannuation benefit Angela has increased her tax free component of the lump sum payout by $352,115 and reducing tax payable in the fund by $77,465.
41 Disability Superannuation Benefit The tax implications are only applied if the benefit is taken as a lump sum If there is a Tax Dependant as a recipient with life cover, the benefit can remain in the super system, or be taken as a tax free lump sum But can only be taken as a tax free lump sum whilst it is a superannuation death benefit If it remains in the super system beyond the death benefits period, any future lump sum will be taxed as an ordinary benefit payment lump sum.
42 Temporary incapacity A member of an SMSF may be eligible to receive a benefit if they have become temporarily incapacitated The SIS Act advises temporary incapacity exists where: the person has temporarily ceased work as a result of physical or mental ill-health which does not constitute permanent incapacity The decision to pay a member benefits under temporary incapacity condition of release is purely a trustee decision.
43 Temporary incapacity However, documentation is still required to demonstrate how the trustee arrived at the conclusion the member was temporarily incapacitated In addition, the SMSF s governing rules should also be consulted for any further requirements Upon satisfying the temporary incapacity condition of release, the member may only receive benefits in the form of a non-commutable income stream The benefit received is only proceeds from the insurance policy - not the member s accumulated benefit.
44 Temporary incapacity The following income stream rules apply: Tax free component - no tax is payable regardless of age Taxable component - tax is payable at the member s MTR. The pension will be subject to the minimum payment standards that apply to an Account Based Pension The maximum pension amount is the income the member was receiving prior to disablement No 15% rebate applies to the taxable component.
45 Conclusion Consider all the issues Type of Insurance Inside Super Outside Super Income Protection Premiums tax deductible? Yes Yes Are benefits taxed? Yes Yes Term Life Premiums tax deductible? Yes No Are benefits taxed? Tax free to dependants Tax free Taxable to Nondependants Tax free TPD Premiums tax deductible? Yes No Are benefits taxed? Yes Tax free
46 AIA Master Plan AIA Master Plan Designed specifically for SMSFs Wholesale premium rates Unlimited Life Insurance cover $3 million Permanent Incapacity cover $30,000 per month Temporary Incapacity cover Takeover terms to make it easier to move existing cover from Industry and Retail funds to your SMSF 46
47 Call to action Seek advice! There are a number of issues that need to be considered Whilst there are advantages of holding insurance through an SMSF, life insurance depends largely on who the end recipient is going to be TPD and temporary incapacity policies may be of benefit, given premiums can be funded through the SMSF This is especially true for clients and members on the top marginal tax rate were salary sacrifice arrangements can provide tax savings.
48 Disclaimer This presentation was prepared by SuperIQ Pty Ltd (ABN ) ( SIQ ). Material contained in this presentation is a summary only and is based on information believed to be reliable and received from sources within the market. The information is believed to be accurate at the time of compilation and is provided by SIQ in good faith. However, the statements including assumptions and conclusions are not intended to be a comprehensive statement of relevant practice or law that isoften complex and can change. It is not the intention of SIQ that this presentation be used as the primary source of readers information but as an adjunct to their own resources and training. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. SuperIQ does not guarantee the performance of any fund or the return of an investor's capital. No representation is given, warranty made or responsibility taken as to the accuracy, timeliness or completeness of any information or recommendation contained in this publication and SIQ will not be liable to the reader in contract or tort (including for negligence) or otherwise for any loss or damage arising as a result of the reader relying on any such information or recommendation (except in so far as any statutory liability cannot be excluded). Individual circumstances, in particular relating to self managed superannuation funds, may vary greatly. This presentation has been prepared for general information purposes only and not having regard to any particular person s investment objectives, financial situation or needs. Accordingly, no recommendation (express or implied) or other information should be acted upon without obtaining specific advice from an authorised representative.
49 See your future clearly superiq.com.au superconcepts.com.au
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Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to retirement planning.
Contents What is insurance?... 3 What types of insurance are there?... 4 Life insurance... 5 Total and Permanent Disability insurance... 6 Trauma insurance... 7 Income Protection insurance... 8 Insurance
A Guide to Managing Personal Risk 1 A Guide to Managing Personal Risk Personal Risk is about more than just the Life Cover/ TPD attached to your super policy which is paid out on the event of your death.
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A DIFFERENT KIND OF WEALTH MANAGEMENT FIRM www.jaswealth.com.au Superannuation 101 Everything you always wanted to know but were too afraid to ask What is Superannuation? Superannuation 101 Contents What
TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001