Overview
We have added capability for SMSF-owned Insurance Premiums to automatically link to SMSF Cashflow as an expense for when the “Is Super” drop down is chosen as “Yes”.
Existing insurance premium to cashflow expense logic specifically excludes “Is Super” “Yes” for SMSF insurance covers, however SMSF superfund paid insurance policies are effectively paid out of the SMSF entity’s cash flow.
You asked us to improve this expense rule for SMSF funded insurances.
Pre-requisites
- Minimum Xplan version: 26.9.496
What’s Changing
We have added capability for SMSF-owned Insurance Premiums to automatically link to SMSF Cashflow as an expense for when the “Is Super” drop down is chosen as “Yes”. This allows users to input correct data once and have cashflow within the SMSF accurately reflected, rather than having to manually input premiums into multiple sections, or select “Is Super” “No” as a workaround. This enhancement improves the experience by:
- Eliminating the manual data manipulation previously required to accurately reflect SMSF expenses.
- Ensures insurance policies are correctly flagged as "Is Super = Yes" without breaking the cashflow engine, guaranteeing accurate data trails for compliance audits.
- Removes the need to maintain internal documentation or train staff on counter-intuitive system workarounds.
Notes for users: existing SMSF insurance entries that have the fields “Is Super” = “Yes” will remain as they were and premiums will only flow through into SMSF Expenses if the policy is edited or when new policies are entered.
This change impacts all Xplan users managing SMSF clients (Financial Advisers, Paraplanners, and Practice Managers).
What you need to know
Notes for licensees/Site Admin/Coding teams:
Consideration should be given to how Fact Find templates have been designed and configured to ensure the expenses for SMSF premiums display as expected.
As per the current process, SMSF expenses are not imported into Xtools+.
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