How do I code insurance premiums in Simple Fund 360?
SMSFs may use a variety of life insurance policies. Depending on the policy type and its use, deductions may be claimed on the insurance premiums paid.
The following accounts are available in Simple Fund 360 to deal with insurance premiums.
|Account Name||Account Code|
|life insurance premiums (Deductible)||39000/MemberCode|
|Life Insurance Premiums (Non-Deductible)||39300/MemberCode|
|Proceeds from Insurance Policies||27500/MemberCode|
|Income Protection Premiums - (Deductible)||39400/MemberCode|
|Income Protection Premiums (Non-Deductible)||39450/MemberCode|
|Member Expenses - non specific||40500/MemberCode|
When a premium has both a deductible and non-deductible component, you will need to manually apportion the amounts between accounts. example 39000/MemberCode and 39300/MemberCode.
In the case where you have pension members, Simple Fund 360 will not apply the expense percentage to the deductible accounts.
Check out the ATO Website for further information