BGL does not provide accounting or taxation advice. The following is designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.
Insurance premiums (for policies such as life, TPD and income protection insurance) paid by your SMSF, may or may not be tax-deductible, depending on the policy type.
For more information on how to code insurance premiums in Simple Fund 360, click here.
The following article details how to process insurance proceeds where a claim is successful.
Where a claim is successful, account for the insurance proceeds paid to the SMSF using the 27500/MemberCode - Proceeds from Insurance Policies account.
|27500/MemberCode - Proceeds from Insurance Policies
Simple Fund 360 will then automatically create subsequent system member journals to apply the balance to the member.
Upon the withdrawal of proceeds, users may use the 46000/Member Code – Benefits Paid/Transfers Out account.
For more information, refer to Lump Sum Payments.
However, if a pension payment has been elected as the form of payment, users may post a journal using 41600/Member Code - Pensions Paid.
For more information, refer to How to Enter Pension Payments.