A new court ruling has clarified the requirements of SMSF in relation to assets insurance. The SMSF must be the listed beneficiary for all assets, such as collectables, jewellery, antiques and more.
If these items are not clearly listed the SMSF runs the risk of being non-compliant.
A separate policy for each item is not required, as a ‘group’ policy will cover the items if they are individually listed.The ruling is put in place immediately, although the funds have until July 2016 to update policies.
Categorised in: News AUS
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