Are you ready for the new changes to your Super Insurance?

_{Did you know that from 1 July 2019, you could lose insurance cover if your APRA regulated fund account is considered inactive?}

_{Funds could be considered inactive if there has not been a contribution or a rollover for a continuous period of 16 months.}

_{If you have an APRA regulated fund account that is considered to be inactive for 16 month period to 1 July 2019, it is likely that your insurance cover will be terminated unless you notify the fund and elect to retain the insurance cover.}

_{Did you receive notification?
APRA regulated funds had an obligation to inform members by 1 April 2019 that they were likely to be considered to be inactive and that their insurance cover would be cancelled from 1 July 2019 unless they opted to retain the cover.}

_{Do you have a Self Managed Super Fund?
Even if you have a Self-Managed Super Fund (SMSF) you may also have a secondary APRA regulated fund which provides you with insurance cover. Double check to be sure.}

_{If your SMSF is your primary superannuation account and receives all your contributions and roll-overs, your insurance/s on your APRA regulated fund may be at jeopardy.}

_{This could have a devastating impact on you and your beneficiaries, and it may be costly or not possible to try and access insurance at a later stage of life.}

_{It is important if you wish to maintain your super insurance covers, that you take the necessary steps as soon as possible.}

_{This includes either:}

• _{Providing a direction to their APRA regulated fund opt-in to retain their insurance cover}
• _{Making a contribution or rollover to their APRA regulated fund so the period resets when assessing the inactive account status.
  However, it stressed that the client also opt-in so they don’t risk losing the insurance cover in another 16 months.}

_{If you’d like more clarification on these changes to superannuation, or feel you need assistance with your business or personal finances, please don’t hesitate to call and chat with one of our expert accountants.}

_{Just one conversation will help us to identify the tools you need to grow your business or personal wealth. Contact us today.}