Self Super Insurance

1300 919 342

1300 919 342

FAQs & Testimonials

Testimonials

Here are some of the comments we have received so far. If you would like to add any comments or provide any feedback on how we might improve, please email us at feedback@selfsuperinsurance.com.au

“Having gone through a random government audit some years ago that was costly, unpredictable and time-consuming, this was an easy buy decision.   John was very helpful in making sure the underwriter knew the circumstances and was happy to proceed.”   Nerida W, Victoria

“Broad cover at a great price, and it couldn’t have been simpler to buy online.  Not much more you could ask for.” Richard C, Langcol Super Fund

“Congratulations on releasing a great product providing adequate cover at a very reasonable price. The on-line purchase process is also very efficient and easy to follow.” Kevin L, Victoria

“A great product.  The website makes it easy to understand the risks and buy the cover.  All at a very reasonable price.  Well worth it for the peace of mind!” Ricky L, Victoria

“All a very simple and straight forward process, easy to follow and at face value, the policy provides a good level of cover for our fund.” Robert W, Victoria

“Included cover for both my Auditor and Accountant for the inevitable ATO Audit when it comes. Has a heap of extras I hope I never need, so much broader cover than a stand alone product for the same money.” Barry F, Typical Mum & Dad SMSF

“Broad range of cover, low price, user friendly site – pretty simple decision really for peace of mind. “  Sarath W, Victoria

Frequently Asked Questions

Is the cost tax deductible?

Yes. The policy will be in the name of the Self Managed Superannuation Fund, therefore the fund can claim the cost of the insurance as an expense.  Your SMSF can re-imburse you for the cost of the policy when you pay via your personal credit card.  We receommend that you check and verify this with your accountant.

What if we have multiple SMSF’s?

The product has been designed to cover a single SMSF.  Accordingly each SMSF has to purchase a policy to obtain the benefit of cover.  For example, we understand that a SMSF is restricted to no more than 4 members, and sometimes this means you have to set up multiple SMSF’s, but unfortunately each one would need to purchase a policy.

What type of SMSF can have an issue?

The short answer is that any type of SMSF can have an issue.  For example, one way to consider risk is by looking at the types of funds to whom Auditor Contravention Reports (ACRs) have been issued.  ACR’s disclose SMSF contraventions according to ATO reporting guidelines, and range from administrative contraventions to more serious contraventions.

In the Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System: Statistical Summary of Self-Managed Superannuation Funds, December 2009, it notes:

The demographic of SMSFs with ACRs are generally in line with the overall SMSF population, indicating that there is no correlation between the receipt of an ACR and the SMSF size, SMSF income range, years since establishment, structure or the geographic location of the SMSF.

In other words, any type of SMSF can have an issue.

How does this differ to standard Tax Audit Products?

A number of insurance companies offer Tax Audit Cover.  However, we offer so much more for Self Managed Superannuation Funds.  Not only is there Tax Audit cover, but also:

  1. Trustees Liability cover
  2. SMSF Liability cover
  3. SMSF Reimbursement cover
  4. Civil Penalties: civil penalty that an Insured may be liable for under Part 21 of Superannuation Industry (Supervision) Act 1993 if insurable at law
  5. Official Investigations and Enquiries
  6. Loss of Documents
  7. Libel and Slander
  8. Offensive Legal Cover (Per Section 218 of SIS Act)

These are headings only, and we encourage you to read the Policy Wording or call us to better understand the scope of cover.

How long does the policy run for?

The policy period is for 12 months from the date you first purchase it.  The 12 month anniversary date is referred to as the ‘expiry date’.  Prior to the policy expiry we will seek to renew the policy.

What happens when the policy expires in 12 months?

30 days before your policy is due to expire, we will send you an email reminding you it is due for renewal.  This email will contain a link to our site with much of your information already pre-populated.  You have to go back through the proposal process to verify the information remains correct.

We will send you a further reminder the closer we get to the expiry date.  If your email address is not working for some reason and we receive a bounce back email, we will send out a reminder by mail.

One risk for you to be aware of is if our email goes into your junk email folder.  We won’t get a bounce back email, so we assume you have received it.  It is important that you make sure our email is not delivered to your junk folder.

Can we cancel?

Yes you can cancel at anytime.  You get a pro-rata return of your premium.  However, we will keep any fee’s earned on the account and charge an administration fee to process the return premium of $50 plus GST.  Also, you may not get all your stamp duty returned depending on your SMSF’s state of registration.

Can we pay any other way than credit card?

No.  We only accept credit card payments.  Processing other ways, including by cheque, adds additional costs to the process which would ultimately increase the cost you pay.  To avoid these additional costs we have limited payment to credit card only at this point in time.

Do you store our credit card details?

No.  The next year to renew the policy you will need to re-enter your credit card details.

Can we increase the policy limit half way through the year?

Yes you can.  That won’t be on-line, so you will have to call us on 1300 919 342.  The premium will be pro-rata of the new annualised premium until the end of the current policy period.  In addition, we will charge a $50 + GST administrative processing fee.  Also, under no circumstances can you purchase a product, or increase the limit, to cover a known problem.  So, if you want to increase your limit, you will be asked to sign a declaration that states you are not aware of an impending issue or problem.

Can the same SMSF purchase more than one policy?

No.  We only provide one policy for one SMSF.

Who actually pays our claims?

QBE Insurance (Australia) Limited is the Insurer of your risk and will be responsible for paying your claims.

I have to make a claim.

Please see our page ‘Making a Claim’

What is a claim?

“Claim” is a written or oral demand or other written or oral assertion of rights to compensation by a third party to the Insured.  A claim does not require the commencement of legal proceedings.

What is a circumstance that may give rise to a claim?

These are a set of facts, events, things that you consider may give rise to a claim under the policy.  The test of what is a ‘claim circumstance’ and whether it ought to be notified is an objective one. That is, would a reasonable person in the position of the insured have realized that the circumstances may give rise to a claim?  When in doubt, notify the insurer.  Always err on the side of caution.  If you have questions then call us on 1300 919 342 to discuss.

What if I change my contact details?

Call us on 1300 919 342 and we’ll adjust your details on our files.

What if someone other than the main contact person calls in relation to the SMSF?

In the quote process we ask for a main contact person.  We also ask for details of any additional persons that can speak to us about the policy (‘authorised’).  Anyone that calls us must have the policy number and be authorised, otherwise we will not deal with them, unless we have your express written authority.

I think my payment went through but I’m not sure?

Call us on 1300 919 342 and we’ll check.  It may take us 24 hours to work it out, but the last thing we want to do is double charge you – it’s inconvenient for you and us.

Can we purchase just some coverage sections and not others?

No.  This is an ‘all or nothing’ type of policy.  We have not designed it to be separated.

Can we increase the limit just on some coverage sections?

No.  There are two limit options only: the base option and the enhanced limit option.  The product has not been designed to allow changes in the limit of individual coverage sections.

How does the quote process work?

It’s all on-line.  We have designed it to be fast and efficient – it should take less than 5 minutes! Here’s how the quote process works:

Once you are ready, click on the ‘Purchase On-line’ button.  This takes you to a secure underwriting site.

There are four stages:

Stage 1:
  1. Answer 2 questions – state of registration and age of SMSF.  This will allow us to calculate how much you will pay (premium, GST, Stamp duty and administration fee).
  2. You will be presented with two options: the base limit option, or increase the limits to the enhanced limit option.
  3. If you are happy with the price, select the desired option and click on ‘proceed’, and you will go to Stage 2.
Stage 2:

We now ask a range of risk qualification questions.  Your response to these questions will NOT adjust the premium.  Instead, they determine whether you are eligible for the product or not and if so, on what basis.

If your answers satisfy the criteria, then you will be eligible to purchase the product, in which case you will be taken to Stage 3: declaration page.  On the other hand, if your answers don’t qualify then unfortunately you will not be able to obtain insurance.  Typical reasons for being ineligible for our insurance are:

  • Loans to related third parties
  • You have not rectified all the concerns in a previous Audit Contravention Report
  • The Trust Deed directs you to hold excess contributions in a separate trust
  • You have been the subject of a previous ATO prosecution; civil or criminal proceeding as a Trustee of the SMSF; criminal proceeding; you are aware of a act, omission, conduct, event of circumstance that might give rise to an ATO audit; prosecution; civil or criminal proceeding against your as a Trustee of the SMSF
Stage 3:

The declaration page, confirms that you have read the Important Notices and are duly authorise to purchase this product on behalf of the Self Managed Superannuation Fund.  Now proceed to Stage 4: payment.

Stage 4:
  1. Payment area.  Payment is by credit card.  Upon payment, we will send you an email with confirmation of cover; the base wording and the tax invoice for the credit card surcharge.
  2. The following business day you will receive another email from us with the policy schedule (identifying your unique details) and a tax invoice for the premium, GST, Stamp duty and administration charge.

That’s it! In 10 to 11 months time, we will email you a renewal reminder and you need to repeat the process above.

If you have any questions please do not hesitate to call us on 1300 919 342 or email us at questions@selfsuperinsurance.com.au.