Questions & Answers - Transaction Bank Account

An 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 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 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 and cannot actually login to your Bank Account to access the required data.

You are permitted to establish as many additional Bank and Savings Accounts for your SMSF as desired in addition to the ANZ V2 Plus Account. Please note that you are not obligated to use the ANZ V2 Plus Account and can arrange to setup a Transaction Account with any provider desired.

Documentation to establish an ANZ V2 Plus 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 ANZ once the ATO has issued an ABN and TFN for your SMSF. ANZ will process the Application and then notify you directly of your transaction 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.

To simplify the annual compliance process it is preferred that all Investments made by your SMSF are made directly from the Transaction Bank Account. However this is not compulsory and Investments can be made from any of your SMSF Accounts as desired.

Yes. Deposit accounts with ANZ 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 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.

Deposits into your ANZ V2 Plus Account can be made in any of the following ways:

At any ANZ Branch
Internet Transfers

Withdrawals from your ANZ V2 Plus Account can be made in any of the following ways:

Telephone access via ANZ Phone Banking - Phone: 13 13 14 
Internet Transfers
BPAY
Direct Debit
Fax Request using our online fax authority that can be found here.

It is important to understand that electronic transfers have transfer limits that can limit transferring monies to other accounts. To avoid the "Limit" issue you should use Fax Authority option to transfer monies. This option has no transfer limits, allowing you to transfer SMSF monies as required and for any amount.

The Transaction Bank Account Interest Rate can be found here.

The ANZ V2 Plus Account has no monthly fees.

If you have any queries about your Transaction Bank Account, please contact ANZ directly on 13 28 33. Please do not contact ESUPERFUND directly in relation to queries about your SMSF Transaction Bank Account as unfortunately we will be unable to assist you with your queries.

The ANZ V2 Plus Account is established in the name of your SMSF. Your SMSF is the direct owner of cash that is maintained in that account.

No. ESUPERFUND has absolutely no ability to enter or transact on your SMSF Transaction Bank Account. Only you as the SMSF Trustee can login and transact on the Transaction Bank Account. Please note that ANZ 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.

If you are currently a client of ESUPERFUND and are looking to add an ANZ V2 Plus Account for your SMSF, please complete the Add Bank Application via the ESUPERFUND Client Portal. Please note that when you submit an application to add a Bank account your current Bank Account will not be closed.

No. ESUPERFUND cannot provide you with any advice about your Transaction Bank Account.

If you require advice about your Transaction Bank Account, you should seek professional advice from a financial adviser.

Yes. Clients of ESUPERFUND are permitted to invest in any Bank and Savings Account. To simplify the Online Savings Account Application Process ESUPERFUND has established direct arrangements with ING Direct allowing clients to easily apply for an Online Savings Account through our website. By using the ING Online Savings Account 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 ING Account and cannot actually login to your Bank Account to access the required data. Please note that you are not obligated to use the ING Online Savings Account and can arrange to setup a Savings Account with any provider desired. However if you establish additional Bank and Savings Accounts for your SMSF, data will not be accessible by ESUPERFUND and you will need to source and provide this data to ESUPERFUND annually. For more information, please click here.