| Tax Deduction for Life Insurance? |
| Wouldn?t that be fantastic?
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Most of us worry whether we have enough life insurance. One of the reasons we might not, is the cost.
If your financial future is to be secure, you are likely to have superannuation and life insurance as key elements.
Your accountant knows how to get the maximum value for you from combining life insurance with a self managed superannuation fund. There are various rules to meet and some issues with maximum benefits and level of contributions, which he can solve for you.
A simple process means that your superannuation fund owns the life insurance policy ? and obtains a tax deduction for premium.
This may or may not be the best owner in the event of death, depending on your business and family needs and whether you are likely to be solvent, etc.
Your accountant is allowed to discuss these matters with you until March 2004. Regulations after that may restrict this advice to a financial planner.
24th-February-2004 |
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