Clients of ESUPERFUND are permitted to invest in Term Deposits with any Bank they choose.
Tracking Term Deposit Investments
To track the Term Deposit Investment made by SMSF Clients, ESUPERFUND requires that cash is first deposited into the Fund's ANZ V2 Plus Account and in turn transferred to the Term Deposit Investment. For example if you make a Contribution or Rollover to your SMSF and wish to Invest it in a Term Deposit, 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 Term Deposit, rather than directly depositing the amount into the Term Deposit Investment. This allows us to easily track the Term Deposit Investment and hence account for and report the Investment accurately.
Record Keeping
In relation to record keeping for Term Deposits, 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 Term Deposits for the relevant Financial Year.