Clients of ESUPERFUND are permitted to invest in Online Savings Accounts with any Bank they choose.
Online Savings Account must not be used as a Transaction Account
If your SMSF invests in an Online Savings Account, the account must be an "Interest Only" paying account and not used for Fund Transactions (eg to accept Fund contributions, rollovers and income and to pay fees and taxes). Fund Transactions must be made through the Funds' compulsory ANZ V2 Plus Account.
Must Link the Online Savings Account to the ANZ V2 Plus Account
It is a requirement for an Online Savings Account to be "linked" to a Transaction Bank Account to enable the Fund to deposit and withdraw monies to and from that Account. The "linked account" in this instance must be the Funds' compulsory ANZ V2 Plus Account.
Tracking the Online Savings Account Investment
To track the Online Savings Account Investment made by SMSF Clients, ESUPERFUND requires that cash is first deposited into the Funds' ANZ V2 Plus Account and in turn transferred to the Online Savings Account. For example if you make a Contribution or Rollover to your SMSF and wish to Invest it in an Online Savings Account, it is required that the Contribution or Rollover is first made to the ANZ V2 Plus Account and in turn to transferred and invested into the Online Savings Account, rather than directly depositing the amount into the Online Savings Account. This allows us to easily track the Investment and hence account for and report the Investment accurately.
Record Keeping In relation to record keeping for an Online Savings Account, ESUPERFUND will send you a Checklist each year guiding you on what documentation we require to prepare your SMSF's annual compliance requirements. In particular ESUPERFUND will require clients to maintain and provide Bank Statements for the Online Savings Account for the relevant Financial Year.