Rental Property Insurance Claim Received

William Wang

• 22 August 2023 00:13

Hi team,

Could you please advise on the following:

A rental property was purchased in SMSF, and the property was damaged, and the super fund received claims from the insurance company, approx. $20k. It will be treated as taxable income.

Noticed there is no insurance claim related account under account list, and could you please advise is there any account for insurance claim received OR need to set up a new account ?

Thanks

Kind regards

William

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  Andre Jones

  • 22 August 2023 01:30

  Hi William, 

  Thank you for getting in touch, 
  Currently, in Simple Fund 360 we do not have proceeds from the property insurance account set up.   

  As such, to record the received insurance claim, I suggest considering the following two choices.
  
  1. Using the existing, Other Investment Income (26500) Account, please note that you would need to create a Sub Account for this account. How to add Investment Accounts?
  
  2. The other option is to create a linked income account to the property, this will ensure that the proceeds from the insurance claim will be recorded under the property. For further information on this process please follow the article attached. Linked Accounts

  Please let me know how you go with this 

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