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 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 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 CBA Transaction Account and cannot actually login to your Bank Account to access the required data.
CBA Transaction Account Not Compulsory
It is not compulsory to use the CBA Transaction Account once the account 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 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 the Commonwealth Bank once the ATO has issued an ABN and TFN for your SMSF. The Commonwealth Bank will process the Application and then notify you directly of your CBA Transaction 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.
By using 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 Commonwealth 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 CBA Transaction Account and cannot actually login to your Bank Account to access the required data.
Deposits into your CBA Transaction Account can be made in any of the following ways:
- At any Commonwealth Bank Branch
- Mailing deposit cheques to: CBA Cash Services, Locked Bag 34, Australia Square NSW 1214
- Internet Transfers
Withdrawals from your CBA Transaction Account can be made in any of the following ways:
- Telephone access via CBA Phone Banking - Phone: 13 22 21
- Internet Transfers
- Direct Debit
- Fax Request using our online fax authority that can be found here.
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 CBA Transaction Account Interest Rate can be found here.
The CBA Transaction Account has no monthly fees.
Deposit accounts with 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 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 CBA Transaction Account please contact the Commonwealth Bank directly on 1800 252 351. Please do not contact ESUPERFUND directly in relation to queries about your SMSF CBA Transaction Account as unfortunately we will be unable to assist you with your queries.
Your SMSF is the Owner
The CBA Transaction Account is established in the name of your SMSF. This is a very important point and gives you total peace of mind that your SMSF is the direct owner of cash that is maintained in that account. ESUPERFUND does not have any access to this account either directly or indirectly. So in the very unlikely event we cease to operate or become insolvent all your SMSF assets including cash maintained in your Transaction Bank Account with the Commonwealth Bank are protected and secure because your SMSF is the direct owner of the Assets.
Only you can transact on the Transaction Bank Account
ESUPERFUND has absolutely no ability to enter or transact on your CBA Transaction Account. Only you as the SMSF Trustee can login and transact on the Transaction Bank Account. Please note that the Commonwealth 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.
Avoid Audit Issues
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 ATO compliance issues and associated penalties are eliminated and that all Bank Accounts setup by ESUPERFUND are compliant with Super Laws.
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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