To many times I come across clients who either have income protection policies established on an indemnity basis or established as agreed value without financial evidence being supplied to the insurer to financially endorse the contract.
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Personal Risk Professionals
Personal Risk Professionals (PRP) is a specialised risk management, estate planning and business succession advisory group of businesses with expert advisers based in Sydney, Brisbane and Melbourne. PRP's three key east coast advisors have a combined 40 years in personal and corporate advisory roles in high-end financial planning firms and private banks across Australia.
PRP delivers a consistent, high-touch, boutique advisory service to a combination of professionals, families and business owners within Australia's eastern states.
PRP does not advise in any other aspect of financial services. We are a value add service offering and working with our client's other valuable advisors to ensure their risk management, estate planning and business succession goals are net. Our core specialty is to meet the challenges of complex estate planning problems or complicated business succession issues for our valued clients.
Mark Everingham
Mark is a Certified Financial Planner (CFP®) and Life Risk Specialist (LRS®) with over 15 years' industry experience in assisting his clients to make prudent decisions in protecting their wealth and creating certainty for themselves, their families and intended beneficiaries. Prior to establishing PRP's Queensland offices, Mark held Senior Risk Adviser and Principal Adviser roles with ANZ Private Bank, ANZ Corporate Bank and Experien Insurance Services.
With a client base of high net worth individuals and business owners, Mark has developed a highly skilled advice and facilitation model to deal with the complex estate planning and business succession issues of his valued clients. Mark operates on a concentric approach to his client's estate and/or business succession goals by forming an alliance with their existing professional advisers. With the client's involvement and that of their solicitor and accountant, Mark facilitates discussion surrounding the critical factors of business succession, estate continuity and/or personal risk planning and formulates an action plan to ensure that their intentions are supported by the appropriate legal and accounting structures.
Personal Risk Professionals
Phone: 1300 367 844
Fax: (07) 3220 2001
Email: mark@personalriskprofessionals.com
Website: www.personalriskprofessionals.com
Level 5
97 Creek Street
Brisbane QLD 4000
GPO Box 232
Brisbane QLD 4001
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Whilst this is not a specific issue for trustees of SMSF’s, however, if you are a business owner with TPD or trauma cover in place for the purpose of debt reduction or have third party owned insurance you may wish to read on.
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It was a generally held view that premiums paid for TPD policies via a super fund were a fully deductible expense to the fund. This was up to 2008 when the ATO challenged this position.
The ATO draft ruling TR 2010/D9 outlined their view that full deductibility of TPD premiums should only be available if the TPD policy definition was consistent with the definition of the 'disability superannuation benefit'.
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