We are pleased to announce that all of the major banks (Westpac, ANZ, CBA and NAB) now provide daily transactions information directly into our specialist SMSF accounting software. The new direct service replaces the previous monthly supply of transaction information we received via and intermediary.
What this means for our clients
This is an exciting improvement for Superfund Partners, and will enable us to more easily keep our clients SMSF accounts reconciled, accurate and up to date. Our goal is to remove the need for any time-consuming and costly manual data entry wherever possible and enable us to focus on providing you and your adviser with quality information on which to base decisions.
We will sending the relevant authority forms to all clients that utilise accounts with any of the big four banks over the next few weeks. This authority form replaces any previous authority form from the BankLink intermediary service for CBA, ANZ and NAB bank accounts.
An additional benefit of of providing us with this authority is that less documentation will be required at the end of the financial year. Where we have been receiving bank transactions throughout the year, we will generally only require the June statement for verification and audit purposes. By comparison, when we have not received transaction information electronically, you will still be required to provide a copy of every single official bank statement for audit purposes – a print off from your internet banking is not sufficient.
Are all accounts available?
We have the ability to receive transactional information for all bank accounts from Westpac, ANZ, CBA and NAB (including Ubank). The only exception is the CommSec Cash and CommSec Investment accounts (with the BSB 064-783) however we expect these accounts to be available later this year.
Unlike other SMSF accountants and administrators, Superfund Partners does not require our clients to use a specific bank account for their SMSFs. We believe that choice is a key aspect of running a SMSF, and for that reason we have facilities in place to receive our clients bank transaction information from the largest possible number of banks, building societies and credit unions. For a full list, please click here.
Best bank accounts for SMSFs
Superfund Partners is in the unique position of seeing the thousands of bank accounts our SMSF clients use, so we have a very good idea in regards to which accounts perform the best in terms of interest rates, fees and functionality.
Most SMSF trustees tend to set up a bank account or accounts with the same institution they use for their personal or business banking – it makes sense having all accounts with the same bank right? Not necessarily – a bank generally can’t be all things to all people – which is why we believe SMSF trustees should always look beyond their standard retail bank to find an account that works best for them and their SMSF.
Our top picks for the best SMSF ‘general purpose’ bank account are:
- Macquarie Cash Management Account
- BankWest (BWA) Cash Management Account
- DDH Graham / BOQ Money Market Deposit Account
The Macquarie CMA is easily the most popular SMSF account in Australia. No accounting keeping fees, great customer service, competitive interest rate (currently 4.25%), cheque book and the ability to make deposits over the counter at NAB branches are some of the reasons it is extremely popular with accountants, advisers and SMSF trustees alike.
The BankWest CMA provide similar functionality to Macquarie, however offers a slightly higher interest rate (currently 4.50%).
The DDH Graham / Bank of Queensland Money Market account is a fantastic account, with no transactional fees, cheque book and competitive interest rate (currently 4.50%). In addition it can be linked to the DDH Money Market service, giving you access to numerous term deposit providers.
All of the above three accounts are covered by the Government guarantee on deposits.
Please note the above is general information only and should not be considered a recommendation. If you would like to know more information about any of the above accounts, or require assistance establishing one of the above accounts, please contact us.