When you become a client of ESUPERFUND, you are permitted to invest in Term Deposit Investments for your Fund. To simplify the Term Deposit Application Process ESUPERFUND has established direct arrangements with a number of Institutions allowing clients to easily apply for a Term Deposit Investment online.
Term Deposit Instituitions
ESUPERFUND has arrangements in place with the following Institutions to provide Term Deposit Investments for your SMSF:
Once your SMSF has been established by ESUPERFUND and monies have been transferred to the Fund, you can apply to establish a Term Deposit for your SMSF. To establish a Term Deposit for your SMSF you simply need to visit our online application form here. The Form will request the Institution you wish to make the Term Deposit with and the amount of the Term Deposit.
Term Deposit Documentation
On receiving your Online Term Deposit Application, ESUPERFUND will email you the applicable prepopulated Term Deposit Application for signing. The documentation will need to be reviewed, signed and returned to our office. The Term Deposit Application documentation will need to be returned by mail to ESUPERFUND.
Term Deposit Interest Rates
The Term Deposit Interest Rates can be found on our website here. The Interest Rates are subject to change and will be notified by updating our website. The Interest Rate that applies to a Term Deposit Application made by your SMSF will be the Interest Rate on the date that all necessary Term Deposit documentation is returned to our office and processed by the relevant institution.
Processing Term Deposit Applications
Once your Term Deposit Application has been processed you will receive direct notification by the Institution selected confirming the Term Deposit has been established.
Accessing Information by ESUPERFUND
Data for all Term Deposits established directly through ESUPERFUND is electronically accessible by ESUPERFUND alleviating you of the responsibility of maintaining these records at financial year end. Importantly ESUPERFUND has absolutely no ability to enter or transact on your Term Deposit Investment. Only you as the Fund Trustee can transact on the Term Deposit Investment. This gives you peace of your mind your super monies are totally secure.
Product Disclosure Statement
The Product Disclosure Statement for the selected Institution offered under the ESUPERFUND Term Deposit Service should be carefully reviewed prior to applying for a Term Deposit. The relevant Product Disclosure Statements can be found here.
Government Guaranteed
All Term Deposits offered through the ESUPERFUND Term Deposit Service qualify for the Government Guarantee. That is Term Deposits with balances of up to and including A$1 million in total are guaranteed by the Federal Government without charge up to 12 October, 2011. The guarantee applies to the total balance held in one or more deposit accounts by each legal entity, up to a maximum amount of A$1 million. For further information please refer to the Financial Claims Scheme www.apra.gov.au/FCS.cfm.
Minimum Term Deposit Amount
The Minimum Term Deposit Amount using the ESUPERFUND Term Deposit Service is $25,000. If you require a Term Deposit for an amount under $25,000 please contact our office directly.
Maximum Term Deposit Amount
The Maximum Term Deposit Amount using the ESUPERFUND Term Deposit Service is $1,000,000. If you require a Term Deposit for an amount over $1,000,000 please contact our office directly.
Avoid Audit Issues
Based on the results of our annual audit compliance process, ESUPERFUND has identified a number of instances where Term Deposits have been incorrectly established in the incorrect account name resulting in ATO compliance issues. As a result ESUPERFUND has introduced our Term Deposit Service ensuring that ALL client Term Deposit Investments are correctly established. This has ensured ATO compliance issues and associated penalties are eliminated and that client Term Deposit Investments are compliant with Super Regulations.
Avoid the Complicated Term Deposit Application Process
Importantly ESUPERFUND will attend the Term Deposit Application and Lodgment process with minimum effort by you. There is no need to fill in complicated Application Forms, visit Bank Branches or provide documentation to evidence the existence of your SMSF. This is all handled by ESUPERFUND. The only requirement from you is to provide certified copies of your identification. In fact if you have an ANZ V2 Account and you choose to invest in an ANZ Term Deposit there is even no requirement for certified documentation as this documentation has been previously provided. It could not be easier.
Funding your Term Deposit Investment
An authority will be included in the documentation sent to you on applying for a Term Deposit to debit your SMSF Bank Account (or payable by cheque in some instances) to fund the Term Deposit Investment. There is no requirement to transfer monies yourself to fund the selected Term Deposit. This will occur automatically and will be actioned directly by the Bank.
No Advice
The ESUPERFUND Term Deposit Service is provided on No Advice Basis. Clients will need to determine which Term Deposit Product is appropriate for their financial situation based on their particular needs.
Term Deposit Service Not Compulsory
The ESUPERFUND Term Deposit Service is provided to simplify the Term Deposit Application Process. It is not compulsory and clients can invest in Term Deposits directly with any Bank they choose if preferred.