Transaction Bank Account
A SMSF must have a Bank Transaction Account to receive deposits and pay outgoings. Clients of ESUPERFUND are permitted to use any Transaction Bank Account for their SMSF. To simplify the Transaction Bank Account Application Process, documentation to establish an ANZ V2 Plus Account or a Commonwealth Bank Accelerator Account ("CBA Transaction Account") is included with the documentation forwarded to you when you submit your online application to establish an SMSF. By using the ANZ V2 Plus Account or the CBA Transaction Account as the Transaction Account for your SMSF, ESUPERFUND is able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance Requirements. No Bank records are required from you each year as we already have the data. It is important to understand that only electronic data files are provided to ESUPERFUND. We have absolutely no access to your ANZ V2 Plus Account or the CBA Transaction Account and cannot actually login to your Bank Account to access the required data.
It is not compulsory to use the ANZ V2 Plus Account or the CBA Transaction Account once the SMSF is established and you are permitted to use another Transaction Bank Account for your SMSF if preferred. However, if you establish another Transaction Bank Account, data will not be accessible by ESUPERFUND and you will need to source and provide this data to ESUPERFUND annually. In addition, ESUPERFUND provides a Client Login Portal to clients with real time data of all your SMSF Investments. Where you elect to use another Transaction Account, we will be unable to receive daily data on these accounts, and in turn will not be able to report details of these accounts in real time.
As detailed above documentation to establish a ANZ V2 Plus Account or a CBA Transaction Account is included with the documentation forwarded to you when you submit your online application to establish an SMSF.
The account acts as the Transaction Account for your SMSF allowing you to Rollover your existing super, make contributions, make Investments, receive income and pay expenses including the accounting and taxation fees.
The Bank Account Application will only be forwarded to your preferred Bank once the ATO has issued an ABN and TFN for your SMSF. The Bank will process the Application and then notify you directly of your SMSF Bank Account details including the account number, login and password in approximately 1 to 2 weeks from the date that your application is processed.
For full details of the SMSF Setup Process which includes the SMSF Bank Account establishment click here.
Bank and Broker Accounts are Linked
When applying to setup a SMSF with ESUPERFUND, a Broker Account will also be established with Commsec or EBROKING (see here for more). ESUPERFUND clients can select one of the following two (2) Bank and Broker Options.
Option 1: ANZ V2 Plus Account (Bank) and EBROKING (Broker)
Option 2: CBA Accelerator Account (Bank) and CommSec (Broker)
Please note that the Bank and Broker are linked to each other and accordingly clients cannot select alternative Bank and Broker combinations to the selections above. A comparison of the Bank and Broker options are detailed here.
By using the ANZ V2 Plus Account or the CBA Transaction Account as the preferred Transaction Account for your SMSF, ESUPERFUND is able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance Requirements.
That is at the end of each financial year, the Bank will send ESUPERFUND an annual data file of all your SMSF transactions.
This enables our office to attend to your SMSF's annual compliance obligations. No bank records are required from you each year as we already have access to the data.
It is important to understand that only electronic data files are provided to ESUPERFUND.
We have absolutely no access to your ANZ V2 Plus Account or the CBA Transaction Account and cannot actually login to your Bank Account to access the required data.
Avoiding Transfer Limits
It is important to understand that electronic transfers have transfer limits that can limit the size of fund transfers to other accounts. To avoid the "Limit" issue you should use the Fax Authority option to transfer monies to other accounts. This option has no transfer limits allowing you to transfer SMSFs as required and for larger amounts. The Fax Authority can be found here
Interest Rates and Fees
The current ANZ V2 Plus Account and CBA Transaction Account Interest Rate can be found here.
The ANZ V2 Plus Account and the CBA Transaction Account have no monthly fees.
Deposit accounts with ANZ and the Commonwealth Bank of up to and including A$250,000 in total are guaranteed by the Federal Government without charge. The guarantee applies to the total balance held in one or more ANZ or Commonwealth Bank deposit accounts by each legal entity, up to a maximum amount of A$250,000. For further information please refer to the Financial Claims Scheme at https://www.fcs.gov.au/.
If you have any queries about your Transaction Bank Account, please contact ANZ V2 on 1800 282 345 or the Commonwealth Bank on 1800 252 351. Please do not contact ESUPERFUND directly in relation to queries about your SMSF's Transaction Account as unfortunately we will be unable to assist you with your queries.
Your SMSF is the Owner
The ANZ V2 Plus Account or the Commonwealth Bank Accelerator Cash Account is established in the name of your SMSF. Your SMSF is the direct owner of cash that is maintained in that account.
Only you can transact on the Transaction Bank Account
ESUPERFUND has absolutely no ability to enter or transact on your ANZ V2 Plus Account or the CBA Transaction Account. Only you as the SMSF Trustee can login and transact on the Transaction Bank Account. Please note that the Bank will send ESUPERFUND an annual data file of all your SMSF Bank transactions to enable us to attend to your SMSF's annual compliance obligations.
Owner of the bank account
One of the most common errors identified by the ATO is the establishment of Bank Accounts in the Trustees personal name and not in the name the SMSF, resulting in ATO compliance issues. By establishing the Transaction Bank Account for your SMSF as part of the SMSF Setup process we ensure that the Bank Account is setup correctly. This ensures that Bank Accounts setup by ESUPERFUND are compliant with Super Laws. You may wish to use your own provider to open up a bank account however you are responsible for ensuring that it is correctly established.
No financial product advice or recommendation
No Advice Express or Implied: It is important to understand that ESUPERFUND has not taken into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies in relation to the CBA Transaction Account. ESUPERFUND does not advise or recommend that this product is suitable to a particular investor’s financial requirements or needs in relation to their SMSF. Any information provided in relation to the CBA Transaction Account is factual information only about the operation of the account and how data is made available to ESUPERFUND. Accordingly you should read the disclosures relating to the CBA Transaction Account before making any decision about whether the CBA Transaction Account is suitable for your SMSF needs. We also recommend that you should seek professional advice from a financial adviser before making any decision to use the CBA Transaction Account for your SMSF.
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