Is there a tax-deductible advantage to holding income protection insurance inside your SMSF?

Income protection insurance SMSF is deductible from SMSFs. So there's no difference between those two options. However, you may have an even more considerable disadvantage in storing income protection insurance SMSF within SMSFs as tax deductions are lower than before. Within the Super Fund, the tax deduction is limited to 15% but is only 45% if you hold the funds out of the super fund. This is because the ATO treats income protection SMSF as an alternative income and the benefit as income tax. The income protection SMSF premium is, therefore, a tax-deductible expense, and the benefits paid are not.

FAQ

IS INCOME PROTECTION INSURANCE SMSF TAX DEDUCTIBLE IN SMSF?

We always recommend consulting your accountant for all tax-related queries in relation to your income protection in SMSF. Generally speaking, however, there is a 15% rebate for premiums paid within a super fund. Income protection SMSF policies paid outside of the super environment are tax deductible at your Marginal Tax Rate. Again, speak to your account before making any final decisions regarding taxation.

CAN SMSF PAY FOR LIFE INSURANCE?

Yes, you are able to fund Life, TPD, and Income protection insurance SMSF through your SMSF. The same way that normal retail super funds can pay for super. You can set your SMSF as the policy owner and a claim will be paid to your SMSF also. The payment for your premium is simply paid from your SMSF bank account.

DO ALL SUPER FUNDS HAVE INCOME PROTECTION SMSF INSURANCE?

No, often clients believe that they have income protection insurance SMSF within their super automatically when they don’t. However, automatically accepted policies within super can also be very limited. For example, they often have a 3-month waiting period or a minimal 2-year benefit period that does not cover long-term illness or injury. The best way to ensure your income protection in SMSF policy covers your needs is to set the terms of the policy yourself and complete an application for your chosen income protection in SMSF policy.

YOU CAN PURCHASE OTHER INSURANCE THROUGH YOUR SELF-MANAGED SUPER FUND

Although you can purchase income protection insurance SMSF through your SMSF, you can also purchase other insurance products, like:

Life Insurance
Life insurance is a critical product, but surprisingly, very few Australians have it. According to an estimation by the Federal Government, only 13% of SMSF members have life insurance cover or a form of it. Many Australians have cover via a superannuation fund that has an SMSF trustee. The SMSF trustee has to have the SMSF member’s best interests at heart, which means offering members life insurance. Superannuation insurance is customizable, meaning members can curate an insurance policy to suit their needs and wants.

When purchasing life insurance cover, you should discuss it with your broker to ensure that the policy can function as SMSF and life insurance. SMSF life insurance is attractive to many people as it is a flexible approach to life insurance. SMSF life insurance increases the life cover and allows the SMSF trustee to choose other insurance products like TPD insurance and trauma insurance. Having additional types of insurance in an SMSF is not a requirement, but it does result in more tax benefits.

It has to be noted that purchasing life insurance through an SMSF is not the same as buying it directly from an insurance provider. When purchasing life insurance through an SMSF, the SMSF is the mediator between the SMSF member and the insurance provider. Some insurance providers have specific conditions regarding purchasing their insurance through SMSF. For example, some insurance providers do not allow SMSFs to have multiple insurance policies within the SMSF and outside of it. To fully understand the conditions and exclusions surrounding your SMSF life insurance policy, you should speak to a broker who can offer information and clarity.

SMSF life insurance is attractive as tax advantages may accompany it because it is tax deductible. But specific conditions have to be met. For example, super fund premiums will only be tax deductible if the member is self-employed or less than 10% of the member’s income is generated from an employee position. The tax benefits will apply to insurance products like life cover, TPD, and income protection SMSF.

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the income protection insurance SMSF products, or other insurance products, that suit you. If you are interested in purchasing SMSF life insurance, income protection in SMSF, or another insurance product, get into contact with Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100.

Retirement Savings
As insurance through superannuation is flexible and customizable, income protection in SMSF members can control their retirement funds. The retirement funds are managed and handled by financial professionals who ensure that the income protection in SMSF members can retire with financial peace of mind. You can find quotes and apply for these insurance products yourself. Still, if you do so, you need to understand what services your insurers offer. Examples of these services are administrative, technical, and financial.

If you feel that you cannot do this by yourself or if the rules and conditions surrounding SMSFs are too complicated, you could pursue the services of professional insurance advisers. Wealth Smart can assist you with this as we are a source of insurance support that can identify your requirements. From this, you can trust us to find and select the SMSF and superannuation insurance policies that suit you and your financial situation.

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the income protection insurance SMSF products, or other insurance products, that suit you. If you are interested in purchasing self-managed super fund insurance, income protection in SMSF, or another insurance product, contact us at Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100 to seek professional advice from a financial adviser about retirement savings, permanent disability insurance, life insurance, income protection SMSF, and more.

ADVANTAGES AND DISADVANTAGES OF PURCHASING INCOME PROTECTION INSURANCE SMSF THROUGH SUPERANNUATION

The Advantages of Income Protection SMSF Cover
Many people prefer to purchase insurance through superannuation as it offers many advantages and opportunities. One of the main benefits of buying insurance through a super fund is that it may benefit from group discounts. This benefit comes from purchasing insurance products in bulk. Because of this, it often results in it being more cost-effective for the policyholders and will offer them a more manageable cash flow situation. A second benefit to purchasing insurance through a super fund is that the payments for the premiums are deducted from the funds in the super account. This process means that the policyholders’ bank accounts are unaffected once the premium payments are made.

A third benefit to purchasing insurance through a super fund will be if the insurance product or policy you have purchased falls under a group policy within the insurance company. In that case, the policyholder may not be required to undergo specific medical checks. This situation can benefit people with existing medical conditions who usually do not qualify for specific insurance products. A fourth benefit of purchasing insurance through a super fund is that the premiums paid through superannuation are traditionally tax deductible. They are tax-deductible because they are paid from the contributions to the super fund. Because of this, insurance through superannuation can be tax effective.

The Disadvantages of Purchasing Income Protection SMSF Cover Through Your Super Fund

Purchasing insurance through superannuation may have many benefits, but it also has disadvantages. The first disadvantage to buying insurance through superannuation is that it may not always be customizable as the cover is purchased for a group, not an individual. Because of this, the benefits may not be adequate or the desired amount for all members of the SMSF. The second disadvantage to purchasing insurance through superannuation is that the benefits may not always pay out swiftly. Because the claims have to be processed through the super fund, it may cause delays in benefit payments.

A third disadvantage to purchasing insurance through superannuation is that the members of the SMSF may not always have complete control over the selection of their beneficiaries. Sometimes, a super fund may not allow the members to select their beneficiaries. When this happens, the fund’s trustee will choose the beneficiary regardless of the member’s requests. A fourth disadvantage to purchasing insurance through superannuation is that the premiums of the fund have the power to affect the total amount of the member’s retirement savings. Super funds are eroded either monthly or annually due to premium payments, and this may affect the total amount of retirement savings.

THE ROLE OF AN INCOME PROTECTION INSURANCE SMSF TRUSTEE

An income protection insurance SMSF trustee has the role of managing and controlling the financial situation of the self-managed super fund. This role is vital to protect the interests of the members of the SMSF. With an expert filling this position, members also benefit from having less responsibility and peace of mind regarding their insurance and financial situation.

Educated Trustees
But, SMSFs need to be entrusted to an income protection insurance SMSF trustee who is well educated and capable of managing the fund to avoid possible risks and issues. Because of the low rates of SMSFs that have life insurance in Australia, which is under 13%, according to the Australian government’s 2010 Super System Review, income protection insurance SMSF trustees have more responsibility. In addition, due to the Stronger Super reforms, there have been changes in the duties of an income protection insurance SMSF trustee.

Duty To Educate SMSF Members
Income protection insurance SMSF trustees have the compulsory responsibility to review and educate SMSF members on various insurance strategies, policies, and products. After the income protection insurance SMSF trustee has chosen an insurance strategy, this strategy needs to be checked regularly and compared against the entire investment plan. When reviewing and considering insurance products for the insurance strategy, income protection insurance SMSF trustees can choose from a range of life insurance, like life cover, total and permanent disability insurance, and income protection SMSF.

Duty To Assess Members
Income protection insurance SMSF trustees also need to assess the members of the SMSF. Depending on the specific investment strategy, the income protection insurance SMSF trustee must consider the members’ needs. For example, their needs depend on their age, income, health status, and the number of dependents they have.

Discuss Investment Strategy
Additionally, the income protection insurance SMSF trustee has to discuss the reviews and considerations of the insurance strategy with the income protection SMSF members to ensure they are satisfied and have peace of mind. This duty is governed by the Australian Taxation Office (ATO). If the insurance and investment strategies are rushed or prepared incorrectly, or if the input of the income protection in SMSF members is not considered, the ATO must hand out penalties.

Thorough Research
Once the income protection insurance SMSF trustees have shared the information with the SMSF members and considered their input, they must research and gather insurance quotes. Once this is done, the income protection insurance SMSF trustees must compare and discuss the quotes with the SMSF members. The members would then have to decide which quote suit them best and which quote the income protection insurance SMSF trustee should accept.

Premium Payment Requirements
Once the insurance strategy is in place, the income protection insurance SMSF trustee must ensure that the premiums are paid accurately and on time. This stipulation is essential as different insurance companies have additional requirements for paying premiums. With self-managed super funds, the premiums are withdrawn from the funds account every month. The income protection insurance SMSF trustee must ensure that this happens smoothly and on time.

Member Claims Process Assistance
Income protection insurance SMSF trustees also have the duty to assist self-managed super funds members with claims. Once a member has made a claim, the income protection insurance SMSF trustees must ensure that the process goes smoothly and then ensure that the member receives their benefits. In SMSFs, the insurance provider will pay out the benefits to the income protection insurance SMSF trustee. The income protection insurance SMSF trustee would then have to pay the income protection in SMSF member according to the specific conditions outlined in the Trust Deed and follow the superannuation law for the income protection in SMSF member.

THE IMPORTANCE OF AN INVESTMENT STRATEGY
An investment strategy is required to ensure investors benefit from their investments. The investment strategy has to consider a range of factors to be successful. Examples of these factors are the policyholder’s financial situation and age. The investor would also have to consider the amount of risk they are willing to take, their desired return on their investment, and the period they plan to invest.

Regarding investments in super funds, the investor can invest in a range of asset classes. The different asset classes investors can choose from are shares, property, fixed-interest securities, and/or cash. Because there are diverse asset classes, each has specific risks and potentials for losses and returns. For example, when investing in shares, this asset class is a growth-orientated investment. This means that shares often have higher returns after a long period. Still, they can be volatile and have the possibility of decreasing at specific points.

The personal financial status of the investor should also be one of the key deciding factors when investing in an asset class. Income protection SMSF members should not stress if they cannot decide on their investment. They have the option of having their investment option chosen by their superannuation savings, which will be invested in the Default Option of the SMSF. This option is a balanced investment portfolio consisting of a spectrum of asset classes by many investment managers.

ADDITIONAL WEALTH SMART SERVICES
Wealth Smart Australia prides itself on offering its customers as much information as possible. Additionally, we aim to ensure that they can find insurance cover that is comprehensive and competitively priced. Because of this, Wealth Smart’s clients can save not only time but also money. Wealth Smart can make these offerings because we use the services of some of the best financial planning advisors in Australia. We specialise in income protection in SMSF, life, trauma, TPD, commercial, and personal insurance.

Life Insurance
Aspiring life insurance policyholders often have the option of choosing a life insurance policy that contains a range of different insurance products. Life insurance policies are flexible, allowing policyholders to create a customized bundle of insurance products. Customization helps create a comprehensive insurance package that suits the client’s specific needs. For example, in life insurance policies, policyholders can choose income protection SMSF, trauma insurance, business expense cover, and TPD insurance.
But besides the different insurance product options, the most crucial component of life insurance is life cover. This insurance product, also known as term life cover, is a compulsory part of all life insurance policies in Australia. Life cover is an agreement between the beneficiary and the insurance provider to ensure that the insurance provider pays out a lump sum. The lump sums can reach up to $1 million, sometimes more.

The insurer will pay out the lump sum after the policyholder’s death or if the policyholder is diagnosed with a terminal illness. The policyholder may qualify for an advanced pay benefit only if a medical practitioner has found that they have less than 12 months to live. Aspiring life cover policyholders must complete their research and quote comparisons of life insurance policies before applying for a policy. This research is vital as aspiring policyholders need to consider the benefits and features of the policy. Once these features are apparent, they can determine if the policy will meet their needs and financial situation. They would also need to consider the specific waiting periods the life insurance policy has before being able to make a claim. Other considerations include:

• Specific limitations the cover may have.
• Particular exclusions.
• The cost of the premiums.

Wealth Smart is an advisory specialist for Corporate and Personal Superannuation. We offer a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the SMSF life cover products, or other insurance products, that suit you. If you are interested in purchasing SMSF life cover, income protection in SMSF, or another insurance product, contact Wealth Smart, and an adviser will help you. Call Wealth Smart at 1800 765 100.

Trauma Insurance
A trauma insurance policy is also known as critical illness insurance. If the policyholder receives a diagnosis of a serious medical condition, having a trauma insurance policy will help cover their expenses. Also, once a policyholder has been diagnosed with a serious medical condition, they would often need an extended period off from work, which is where trauma insurance comes in.

This trauma policy is not the only insurance product that would benefit this situation. Insurance products like income protection SMSF and life cover are also beneficial but may not offer enough benefits. However, a trauma insurance policy ensures that the policyholder has enough cover to meet their expenses if their other insurance policies do not provide enough benefits over time.

The benefits offered by trauma insurance are based on the actual diagnoses of the serious medical condition. Once the insurance company pays out the benefit, the policyholder and their beneficiaries can use the lump sum as they deem fit. The lump sum can be used to cover medical bills, debts they may have like mortgage and credit cards, and even day-to-day expenses like groceries.

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the SMSF life cover products, income protection in SMSF, or other insurance products, that suit you. If you are interested in purchasing SMSF life cover or another insurance product, get into contact with Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100.

Total and Permanent Disability (TPD)
For those individuals that work in high-risk jobs that have a high degree of physical mobility or that contain strenuous fieldwork, TPD insurance would be beneficial. This insurance product pays out a lump sum to the policyholder if they become totally or permanently disabled and cannot continue working for the foreseeable future. Examples of disabilities that this policy covers include loss of a limb, vision, paralysis, and many others. If a policyholder has made a claim that has been accepted, they can use the lump sum as they deem fit. Whether it is used towards rehabilitation, the payments of existing debts, or day-to-day expenses, it is up to them.

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the SMSF TPD insurance products, income protection in SMSF, or other insurance products, that suit you.
If you are interested in purchasing SMSF TPD insurance, income protection in SMSF, or another insurance product, get into contact with Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100.

Commercial Insurance
Commercial insurance is a valuable insurance product for business owners. Owning a business comes with risks, which is why having cover to protect against those risks is vital. Business owners can purchase commercial insurance to cover the business’ assets, properties, processes, and employees.
Commercial insurance will also assist business owners in covering the costs of any injuries their customers may suffer from in an unfortunate situation. This cover will also be useful if there is any property or asset damage that the business experiences due to a fire, theft, or flooding.

Commercial insurance also offers vehicle protection to ensure that business vehicles are insured if they are involved in an accident or need repairs. Commercial insurance protects against losses the business experiences due to evictions, damage, and loss of rent if you are the landlord. Wealth Smart can assist business owners in reviewing general insurance covers, like:

• Aviation
• Business Interruption
• Business Pack
• Contract works
• Corporate Travel
• Cyber
• Events
• Farm
• Marine
• Management Liability
• Products and Public Liability
• Professional Indemnity
• Trade Credit
• Works Compensation
• Industrial Special Risks
• Product Recall

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the SMSF commercial insurance products, or other insurance products, that suit you. If you are interested in purchasing SMSF commercial insurance, income protection in SMSF, or another insurance product, get into contact with Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100.

Personal Insurance
This insurance product would benefit any person of any age, occupation, or financial situation. Personal insurance covers many areas that Wealth Smart can advise you on. These different areas are:

• Home and Contents
• Prestige Home and Contents
• Landlord
• Motor
• Strata
• Travel

Wealth Smart, an advisory specialist for Corporate and Personal Superannuation, offers a wide range of services and expertise from specialist advisers. The specialist advisers can assist you in choosing the SMSF personal insurance products, income protection in SMSF, or other insurance products, that suit you.

If you are interested in purchasing SMSF personal insurance, income protection in SMSF, or another insurance product, get into contact with Wealth Smart, and an adviser will be able to help you. Call Wealth Smart at 1800 765 100.

FAQs

CAN HEALTH INSURANCE BE A PART OF SMSFs?

No, sadly, SMSFs cannot cover health insurance.

CAN LIFE INSURANCE BE A PART OF SMSFs?

Unlike health insurance, life cover can fund life cover. Besides life cover, SMSFs can also fund TPD and income protection SMSF insurance. In the same way that regular retail super funds pay for super, SMSFs function similarly. Policyholders can have their SMSF be the policyholder, which will result in the claim being paid to the SMSF. Additionally, the premiums will be paid from the SMSF bank account.

WHAT DIFFERENT TYPES OF INSURANCE CAN YOU INCLUDE IN THE SUPERANNUATION ACCOUNT?

The different types of insurance you can include in the superannuation account are Life, TPD, and Income protection SMSF. Unfortunately, you cannot fund Trauma through your super.

IS INCOME PROTECTION AUTOMATICALLY A PART OF SUPER FUNDS?

Income protection SMSF is not an automatic part of super funds. Within super funds, policies that have been automatically added can be limited. Aspiring policyholders need to ensure that they do their research and personally set the specific terms of the policy they buy. This research will ensure that the policy covers the particular needs and wants of the policyholder.

IS INCOME PROTECTION TAX DEDUCTIBLE WITHIN AN SMSF?

A super fund has a general 15% rebate amount for a premium paid. Therefore, if the income protection SMSF policies are paid outside of the super, the income protection SMSF policy will be tax deductible at your Marginal Tax Rate. You should consult Wealth Smart if you need help with any tax-related or income protection in SMSF queries.

IS IT ADVISED TO PURCHASE LIFE INSURANCE THROUGH SUPER?

It depends on your situation, as purchasing life cover through super has advantages and disadvantages. You should consider your cash and its long-term effect on your super balance. Wealth Smart suggests reaching out to us if you have any questions or queries about purchasing life cover through super.

CONSOLIDATING YOUR SUPER
Often, people have more than one super account without their knowledge. This situation is not recommended as the money is spread out and exposed to various risks. This duplication of super accounts is when consolidating your funds is recommended. So, superfund holders must inform themselves about their account/s to make well-informed decisions.

After individuals change their jobs or retire, the change will cause a range of decisions. One decision regarding the super investment is essential and can have long-term negative implications if you overlook it. So, you should consolidate or roll over your super into a single account. This consolidation will reduce the number of fees paid, and you will be able to easily track and manage the affairs of the super.

Suppose you would like to consolidate your super into your existing fund. In that case, you can easily do this by completing the current fund’s appropriate form. This process can take a few weeks to a few months, but this depends on the types of supers consolidated. Before consolidating superannuation or an Australian super, you should remember:

• The fund types. There are different types of funds, like benefit funds and industry supers. The type of fund will determine whether you would like to consolidate or not. You should speak to your advisor if you need assistance regarding this decision.
• Fund investments. Different funds often comprise different assets. You need to be informed about what has to happen to the investments before choosing to consolidate.
• Fees and taxes. When consolidating a super fund, you must pay specified fees and incur taxes. These have the potential to affect your retirement fund.

Wealth Smart suggests that you contact us before requesting a transfer of funds into the super. As Wealth Smart is an expert at offering comprehensive services for consolidating super funds in Australia, we will be able to provide you with expert advice.

WEALTH SMART’S CORPORATE EMPLOYEE SOLUTIONS

Wealth Smart offers assistance and advice on purchasing employee insurance corporation policies, like effective health and wellbeing insurance, to protect corporate employees. Wealth Smart offers employees education and guidance to ensure financial stability and peace of mind, encouraging them to be involved in their financial situation and planning.

This policy also functions as a safety net, resulting in employees being happier and more productive. Additionally, Wealth Smart offers to assist you in finding the perfect employee insurance corporation policy to ensure peace of mind. The programme we provide aims to create opportunities for you to use your super optimally. Our programme also aims to help you achieve your financial and lifestyle goals and enjoy the member benefits offered through the super.

MEMBER EDUCATION AND COMMUNICATIONS
To have happy employees, Wealth Smart has promised to provide reliable and accurate recommendations regarding insurance for employees. Wealth Smart Australia Pty Ltd is an advisory specialist for Corporate and Personal Superannuation and has a team of highly trained insurance brokers in Australia. These insurance brokers can offer financial advice and planning solutions tailored to the client’s specific financial situation and needs.

Additionally, insurance brokers can assist the client in choosing, comparing, and applying for insurance. Besides insurance brokers, Wealth Smart also has a team of superannuation advisors. The superannuation advisors can offer assistance regarding the offerings of super plans. Our insurance brokers have been trained to offer our private clients some of the best financial advice and planning solutions. Our insurance brokers are also trained to help our clients choose, compare, and even apply for insurance online or over the phone.

Besides this benefit, we also offer the expertise of a team of superannuation advisors who assist in raising awareness of super plan offerings. The financial, investment, and super communications that Wealth Smart offers are:

• A member newsletter. The member newsletter offers a wide range of resourceful information regarding super and other financial matters.
• An online library. The online library consists of information and articles which touches on subjects like budget, wealth planning, and more financial matters.
• Online glossary. The online dictionary has a wide range of definitions that cover financial and investment terms.
• An interactive insurance calculator. Wealth Smart offers an interactive insurance calculator and tools to assist you in planning and controlling your financial future.
• Fact sheets and frequently asked questions (FAQs). This information covers a range of queries and questions you may have. Topics like super funds, retirement planning, and investing are covered.
• Regular updates will be given to you if legislative changes are made. This update is done because legislative changes often are accompanied by new opportunities.

FINANCIAL ADVICE
Wealth Smart has ensured that its team of financial advisors can assist clients by offering needed financial advice. The financial advice covers topics like insurance, income protection in SMSF, estate planning, and retirement planning.

HELPLINE ADVICE SERVICE
Wealth Smart offers a toll-free dedicated number and helpline advice service to assist employees. This helpline can assist employees with queries and questions regarding financial matters.

THE IMPLICATIONS OF CORPORATE INSURANCE FOR BUSINESSES
Employees with corporate insurance will pay less for health treatments and insurance, have better coverage for their dependants and have a wide range of access to healthcare. This corporate insurance is beneficial as some employees often find this wide range of healthcare challenging to access. But corporate insurance is also helpful for the business. It will not only financially educate employees but also improve productivity by:

• Corporate insurance functions to create a safe and inclusive work culture.
• Due to the employee insurance corporation benefits, the employees will have a higher level of competence.
• Businesses that have corporate insurance will be able to attract and retain more resources than those without corporate insurance.

Wealth Smart functions to offer advice and information to allow clients to compare and review the benefits provided by the insurance providers of corporate insurance. The benefits for employees from corporate insurance range from hospital accommodation, lifestyle treatments, travel, and additional charges issued by medical practitioners and institutions.

Businesses can select the corporate insurance policy that best suits their financial situation and needs. This corporate insurance policy is important as it will allow the company and employees the opportunity to build a future for themselves and their dependents. For more information, get in touch with Wealth Smart at 1800 765 100.

WEALTH SMART’S PRIVATE CLIENT SOLUTIONS
To have complete peace of mind, clients should be able to take control of their personalised financial planning. This control is vital as no matter how qualified a financial advisor may be, the client knows their financial needs. Wealth Smart recognises this and offers resources to assist clients. Wealth Smart can offer the information and guidance necessary to be more involved in their financial planning and to take control of personalised financial planning. Clients can follow a programme that aims to create opportunities to achieve an optimal financial situation.

The program also aims to help clients reach their financial and lifestyle goals and offers insight into taking advantage of the member benefits offered. Wealth Smart offers end-to-end assistance that lets clients get the most out of their investments. Examples of this would be Wealth Smart notifying clients of discounts available for insurance premiums. Also, we advise clients on reducing expenses, paying lower taxes, and making more contributions to their retirement funds if possible.

FINANCIAL ADVICE & PLANNING
Wealth Smart offers private clients the assistance of financial advisors at the top of their game. These financial advisers can help our clients with financial matters like super, insurance, income protection, estate planning, transition to retirement strategies, and retirement planning. Get in contact with Wealth Smart to have all questions, queries, and concerns answered.
MEMBER EDUCATION & COMMUNICATIONS
To understand the financial planning process and have a good grasp of your personal financial situation, you should be educated regarding the best practices. Wealth Smart offers resources to its clients as tools for them to achieve wealth creation, debt management, tax planning, income protection SMSF, and retirement benefits. Whether you are looking to improve your financial situation or save yourself from a dire situation, Wealth Smart can assist you in forming a financial plan to put you on the right path. The financial, investment, and super communications that Wealth Smart offers as tools are:

• A private client newsletter. The member newsletter offers a wide range of resourceful information regarding super and other financial matters.
• An online library. The online library consists of information and articles which touches on subjects like budget, wealth planning, and more financial matters.
• Online glossary. The online dictionary has a wide range of definitions that cover financial and investment terms.
• An interactive calculator. Wealth Smart offers an interactive calculator and planning tools to assist you in planning and controlling your financial future.
• Fact sheets and frequently asked questions (FAQs). This information covers a range of queries and questions you may have. Topics like super funds, retirement planning, and investing are covered.
• Regular updates will be given to you if legislative changes are made. This update is done because legislative changes often are accompanied by new opportunities.
• Financial Life Planning seminars. Private clients can use these seminars and other informative sessions to gain knowledge and make better informed financial decisions.
• HELPLINE ADVICE SERVICE
  A toll-free dedicated number, the helpline advice service, has been offered by Wealth Smart as assistance to its private clients. This helpline can assist private clients with queries and questions regarding financial matters. The financial situation of private clients is vital to Wealth Smart. And this is why they offer services across various areas like life cover, TPD, Superannuation, Trauma, cover for couples and families, income protection in SMSF, and many more investment choices.
  Through this helpline, Wealth Smart can assist private clients in comparing their insurance and investment options provided by various insurance providers. They also assist private clients in choosing a financial plan that suits their lifestyle and financial situation to achieve their financial and lifestyle goals. If you want this assistance, contact Wealth Smart by calling 1800 765 100.WEALTH SMART’S CORPORATE EMPLOYER SOLUTIONS
  As an employer, one of the most valuable assets of a business is the employees. To ensure your ‘assets’ are well looked after and protected, employers need to ensure that they are satisfied and have access to knowledge from the business’ super fund. The super fund should also be straightforward and uncomplicated. Employers must select a superannuation fund that suits the employer, the business, and the employee. The fund will affect how the company operates, the different relations between employees and the type of retirement benefits employees get.

  In some cases, the employer will not be allowed to make payments to the super fund. In many cases, the employer must make a superannuation contribution by law. If you are self-employed, you will have the option to curate and invest in a self-employed superannuation fund. Wealth Smart prides itself on offering a solution customised to meet the needs and wants of the business and its employees. Wealth Smart has achieved this by sourcing a comprehensive and competitively priced super fund in the market, which results in the compliant Company Super Fund.

  Wealth Smart also works with employers to assist them in finding the most effective programme to benefit their employees. This programme includes, but is not limited to, superannuation. Wealth Smart proffers super and financial life planning activities to educate the employer and employee about the super plan. Top talents and higher retention rates have been noted due to the opportunity to obtain employer superannuation benefits. The services that Wealth Smart offers are:

  TENDER MANAGEMENT
  If an employer has chosen to outsource their super or to change their existing funds, Wealth Smart will step in and manage a full tender on their behalf. The employers will be taken through a wide range of options to find an option that suits the needs and wants of the employer and employee superannuation objectives. This is done to help employers save money and meet their compliance goals.

  TRANSITION MANAGEMENT
  Wealth Smart offers employers a trained and dedicated group of team members, advisors, and an appointed fund manager to take control of the different areas of the business or organisation’s transition. Wealth Smart also promises to have a smooth implementation in place for the core business. This implementation will also minimise costs to the members of the company.

  ONGOING SERVICE SUPPORT
  After the implementation, it will have to be maintained to ensure that the platform runs smoothly. The smooth running of the platform will help ensure that the employer can focus on the day-to-day business processes. The platform’s maintenance will be populated with service levels that all parties agree to.
  Factors that need to be considered are the amount of contact required, the levels of reporting across all levels, the communications’ timeframes and process, and the timing of the regular reviews. The periodic reviews would cover the market, how the company fund performs within the market, and from the administration’s point of view.

  COMMUNICATIONS & EDUCATION
  Wealth Smart aims to educate the members to have enough information regarding the benefits on offer and the advantages to potential new members. Wealth Smart will achieve this by supporting the organisation through communications and education programmes.
  The support will consist of educational programmes that will be developed and implemented. Moreover, there will be group seminars, individual support and advice, regular member communications, and access to a member-only online resource centre. Employees can use this information to make better-informed financial decisions about financial products.

  EMPLOYEE BENEFITS
  Wealth Smart has stepped in to allow employees to take full advantage of the benefits of their super, their financial well-being, and to take advantage of other benefits on offer. To allow this, Wealth Smart offers a comprehensive programme of benefits for employees to use. If the business has casual employees, they will also be able to use this programme.

  Casual employees can gain similar profits thanks to casual employment superannuation in Australia. The Wealth Smart programme also increases the engagement of employees as well as loyalty within the organisation. Self-employed persons can discover superannuation thanks to Wealth Smart. This discovery ensures that self-employed people can protect their futures as employees and employers can. Wealth Smart offers:

  • Education. Wealth Smart promises to offer financial education to assist employees in making better-informed decisions about their financial well-being. This education empowers the employees to take control of their super and financial situation. It will improve the reputation of the business’ employment offering.
  • Financial advice. Wealth Smart has ensured that its team of financial advisors can assist employees by offering needed financial advice. The financial advice covers topics like insurance, income protection SMSF, estate planning, and retirement planning.
  • Helpline advice service. Wealth Smart offers a toll-free dedicated number and helpline advice service to assist employees. This helpline can assist employees with queries and questions regarding financial matters.

  Wealth Smart is sure to assist employers with their employees’ insurance concerns. Contact Wealth Smart at 1800 765 100 to get more information surrounding superannuation basics for employers and how to help your employees live a comfortable life post-retirement.

  FAQs

  IS THERE AN EMPLOYER SUPERANNUATION CONTRIBUTION RATE, AND HOW MUCH IS IT?

  There is an employer superannuation contribution rate, which is 9.5% of the annual gross salary. The super contribution rate requires employers to pay it every quarter. Still, it can be paid within the usual pay cycle.

  IS THERE SUPERANNUATION EMPLOYER CONTRIBUTION COMPULSORY, AND HOW MUCH IS IT?

  The superannuation employer contribution is compulsory and is 9.5% of the pre-tax salary at the time of publication.

  HOW CAN EMPLOYERS PAY SUPER?

  Super is often located in a clearing house via the ATO. The payments are usually made by payroll in the back of the office in most businesses. Any questions or queries surrounding the payment should be sent to the payroll agent. Still, Wealth Smart can assist you regarding this. If you feel that you have missing contributions, feel free to get in contact with us.