When lodging a Self-Managed Super Fund (SMSF) annual return, the SMSF trustee may be eligible to claim a tax deduction for some or all life insurance premiums paid over the past financial year.
We recommend speaking to a financial adviser or registered tax agent to clarify your individual circumstances to ensure you meet the fund’s lodgement obligations as an SMSF trustee.
Requesting an SMSF Annual Statement
A record of expenses paid by the SMSF, including insurance premiums paid, is often maintained by the fund’s administrator and can be useful when lodging the fund’s annual return.
But, if you find that you need a statement for your SMSF’s policy summarising all insurance premiums paid in the past year, please complete and submit the form below.
Your statement will be processed within 10 business days of submitting this form:
Frequently asked questions
Can I claim a tax deduction on insurance premiums held within my SMSF?
If your insurance policy is owned by your Self-Managed Super Fund (SMSF), you’re not eligible to claim premiums paid by your fund as a personal tax deduction.
The SMSF trustee, however, may be eligible to claim all, or part of the insurance premiums it has paid during the financial year as a tax deduction when lodging the SMSF Annual Return.
When do I need to complete my SMSF Annual Return?
SMSF Annual Return due dates vary depending on whether the trustee lodges through a tax agent or directly with the ATO. We recommend you speak to a financial adviser or registered tax agent to ensure you meet the fund’s lodgement obligations as an SMSF trustee.
Refer to the ATO for more information.
Do I need an annual statement from MLC Life Insurance?
Your SMSF administrator will often have a record of expenses paid by the fund, including insurance premiums. If you wish, you can also obtain a statement of premiums paid to us by submitting the form above.
When will I get my statement?
Once you complete and submit your online request form it will be processed within 10 business days. Your statement will be emailed to the address we have on file for you.