Actuaries Institute’s Post

The question of what happens to your superannuation account balance, as well as any life insurance attached to your super account, when you pass away is a vital part of your estate plan. 💰 Not surprisingly family disputes can arise but what happens when the dispute is specific to the deceased Death Benefits ❓ Susan Bonnici breaks down what can be involved 👇 #deathbenefits #deathbenefitnomination #superannuationandyourwill #yourwill #estatedisputes #willlawyer #BurkeLawyers

Understanding Insurance in Your Self-Managed Superannuation Fund (SMSF) When setting up a Self-Managed Superannuation Fund (SMSF), many are advised to consider how best to handle their insurance needs. While some opt to retain their previous retail or industry super fund accounts primarily for insurance purposes, others explore the potential of integrating insurance directly into their SMSF. In this article, we discuss why and how you can efficiently manage insurance through your SMSF. View full article...

The majority of superannuation fund members have insurance cover inside their super. This could include cover for death, total and permanent disablement (TPD), income protection and, in some cases, trauma cover. Workers may only have one type of insurance (eg, TPD) or multiple types of cover, for example, TPD and income protection. In our latest blog, we explain the circumstances where you can claim both TPD and income protection at the same time. https://bit.ly/49MA3LV #tpdlawyers #incomeprotectionclaims

Recent findings have revealed the impact of government reforms on Aussies' insurance policies through superannuation. Stay informed with https://lnkd.in/gUDxjepC #fsonews #superannuation #retirementplanning

Recent findings have revealed the impact of government reforms on Aussies' insurance policies through superannuation. Stay informed with https://lnkd.in/gf8hgpXU #fsonews #superannuation #retirementplanning

Understanding Insurance in Your Self-Managed Superannuation Fund When setting up a Self-Managed Superannuation Fund (SMSF), many are advised to consider how best to handle their insurance needs. While some opt to retain their previous retail or industry super fund accounts primarily for insurance purposes, others explore the potential of integrating insurance directly into their SMSF. In this article, we discuss why and how you can efficiently manage insurance through your SMSF. Read more: https://lnkd.in/gGM897Ni #smsf #smsfinsurance

Understanding Insurance in Your Self-Managed Superannuation Fund When setting up a Self-Managed Superannuation Fund (SMSF), many are advised to consider how best to handle their insurance needs. While some opt to retain their previous retail or industry super fund accounts primarily for insurance purposes, others explore the potential of integrating insurance directly into their SMSF. In this article, we discuss why and how you can efficiently manage insurance through your SMSF. Read more: https://lnkd.in/gmWAqxwd #smsf #smsfinsurance

If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). If you have any questions please contact our office. #clarkemcewanwealthmanagement #clarkemcewan #WealthAdvisors #financialadvisors #SMSF #superfunds #superadvice #brisbane #brisbanebusiness #SunshineCoast #sunshinecoastbusiness #Maroochydore #brisbanecity

New Social Insurance GOSI Contribution System for New Employees: Starting from July 3, 2024, a new system will be implemented for social insurance contributions for new employees. Contribution rates will increase annually on July 3rd. For Employees: 2024: 9.75% 2025: 10.25% 2026: 10.75% 2027: 11.25% 2028: 11.75% For Employers: 2024: 11.75% 2025: 12.25% 2026: 12.75% 2027: 13.25% 2028: 13.75% Stay informed about these changes and their impact on your contributions!

𝐈𝐅𝐒𝐂𝐀 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐬 𝐭𝐡𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐥 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐒𝐜𝐡𝐞𝐦𝐞, 2024 International Financial Services Centres Authority (IFSCA) has recently launched the Informal Guidance Scheme, 2024, set to take effect from January 1, 2025. The scheme is tailored to address unique challenges faced by financial institutions and individuals in interpreting regulatory provisions within the IFSC’s framework. It offers a structured mechanism to seek clarity on potential business activities and transactions regulated by IFSCA. 𝐖𝐡𝐨 𝐂𝐚𝐧 𝐀𝐩𝐩𝐥𝐲? (a) Licensed, registered, or authorized entities under IFSCA. (b) Individuals planning to undertake transactions involving financial products or services. (c) Persons intending to establish units in the IFSC. 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐎𝐟𝐟𝐞𝐫𝐞𝐝 (a) No-Action Letters: Indicate whether IFSCA would recommend regulatory or enforcement action for a proposed activity or transaction. Such type would be ideal for entities seeking assurance before undertaking specific actions. (b) Interpretive Letters: Provide interpretations of legal provisions, regulations, or circulars under IFSCA’s purview, including those issued by Reserve Bank of India (RBI), SEBI, Insurance Regulatory and Development Authority of India, and Pension Fund Regulatory and Development Authority (PFRDA) prior to establishment of IFSCA. Assist businesses in understanding regulatory applicability to their operations. The Applicants will be required to pay a fee of USD 1,000 along with the application wherein the submissions would include comprehensive legal analysis and demonstrate relevance to the applicant's activities. The guidelines also prescribes 30-day timeline for disposal of the application. Departments may decline application in cases where the query is general and lacks sufficient disclosure of facts, is based on hypothetical situations, or if the applicant has no direct or proximate interest. Applications may also be rejected if they fail to cite applicable legal provisions, if a no-action or interpretive letter has already addressed a similar issue, or if an investigation, inquiry, or enforcement action is ongoing, or if the matter is sub judice, if policy concerns prevent a response, or in other cases deemed inappropriate by the Department   The IFSCA has explicitly clarified the non-binding and non-conclusive nature of Informal Guidance under its scheme. Any letter issued by the Department pursuant to this scheme is not to be considered a conclusive decision or determination of any question of law or fact by the Authority. It does not constitute an order of the Authority and is not subject to appeal Readers are welcome to send their views to Regstreet Law Advisors at [email protected]. Copy of the circular is enclosed. #IFSCA #FinancialRegulations #IFSC #RBI #SEBI #IRDAI #PFRDA #RegstreetLawAdvisors #FinancialInstitutions #GiftCity #law #lawstudents #regulator