SMSF Bank Accounts
All you need to know about the allowed SMSF Bank Accounts
under ESUPERFUND Platform
BROUGHT TO YOU BY
CONTENTS
How It Works ........................................................................................................................... 2
CBA Transaction Account Interest Rate .................................................................................. 5
Fax Authority Documents ........................................................................................................ 6
Frequently Asked Questions .................................................................................................... 7
Add Bank ............................................................................................................................... 10
General Advice Warning & Important Information:
The contents of this publication are of a general nature only and have not been prepared to take into account any particular investor's objectives,
financial situation or particular needs. For this reason, any individual before acting on the content should consider the appropriateness of it having
regard to their objectives, needs, financial and taxation situation and, if necessary, seek appropriate independent financial and taxation advice.
ESUPERFUND does not provide financial product advice or recommend any financial products This applies equally to any financial products which
are established for your SMSF when you become a client of ESUPERFUND, such as your Commonwealth Bank Transaction Account. If you
require advice about your CBA Transaction Cash Account, you should seek professional advice from a financial adviser before making any decision
about whether to acquire the product.
Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product
and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional
advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the
material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions. When setting up a SMSF it is important to
understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO
Supervisory Levy, Company Trustee Setup Fee (where applicable) and Investment Fees.
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1. How It Works
Compulsory Transaction Bank Account
When you become a client of ESUPERFUND, a Compulsory Bank Account will be established for your SMSF
which will act as the Transaction Account for your SMSF.
Choice of Compulsory Transaction Bank Account
ESUPERFUND clients are required to use the Commonwealth Bank Transaction Account as the Compulsory
Transaction Bank Account for their Fund. By using CBA as the Compulsory Transaction Bank Account for your
Fund, ESUPERFUND is able to ensure that our services are provided at a fee significantly below market.
Monitoring Transactions
By using Commonwealth Bank Transaction Account as the Compulsory Transaction Bank Account for your Fund,
we are able to ensure that our services are provided at a fee significantly below the market. This is because we
are 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 to
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 Commonwealth Bank Transaction Account and cannot actually login to your Bank
Account to access the required data.
Account Establishment
Documentation to establish a Commonwealth Bank Transaction Account is included with the documentation
forwarded to you when you submit your online application to establish an SMSF. The selected 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 Transaction Bank
Account typically takes 1 to 2 weeks to establish from the time the signed application is returned to our
office. Once the account is established, the Commonwealth Bank will forward to you directly your SMSF Bank
Account details including login and password. For full details of the SMSF Setup Process which includes the
SMSF Bank Account establishment click http://esuperfund.com.au/setup/new-smsf-setup.html.
Investments made from the Compulsory Transaction Bank Account
All Investments made by your SMSF must be made directly from the Compulsory Transaction Bank Account. For
example if you are investing in say a Term Deposit or purchasing a Property, the investment will need to be made
from the proceeds in the Compulsory Transaction Bank Account selected. Accordingly prior to making an
investment the monies must first be made to the Compulsory Transaction Bank Account and the Investment in turn
made from that account. This ensures that ESUPERFUND can track all investments made by your SMSF and
importantly ensure we can streamline the annual compliance process ensuring our annual fees are kept well under
market.
Account Deposits
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Deposits into your Commonwealth Bank 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
Account Withdrawals
Withdrawals from your Commonwealth Bank Transaction Account can be made in any of the following
ways:
Telephone access via CBA Phone Banking - Phone: 13 22 21
Internet Transfers
BPAY
Direct Debit
Fax Request using our online fax authority that can be found at http://esuperfund.com.au/smsf-bank-account/faxauthority.html.
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.
Interest Rates and Fees
The current Commonwealth Bank Transaction Account Interest Rate can be found at
http://esuperfund.com.au/smsf-bank-account/interest-rates/cba-transaction-account.html.
Monthly Fees
The Commonwealth Bank Transaction Account has no monthly fees.
Government Guaranteed
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 http://www.apra.gov.au/FCS.cfm.
Account Queries
If you have any queries about your Commonwealth Bank 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 Commonwealth Bank Transaction Account as unfortunately we will be unable to assist you with your queries.
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Your SMSF is the Owner
The Commonwealth Bank 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 do 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
Compulsory Transaction Bank Account with Commonwealth Bank are totally protected and secure because your
SMSF is the direct owner of the Assets.
Only you can transact on the Compulsory Transaction Bank Account
ESUPERFUND has absolutely no ability to enter or transact on your Commonwealth Bank Transaction
Account. Only you as the SMSF Trustee can login and transact on the Compulsory Transaction Bank
Account. This gives you peace of your mind your Super monies are totally secure. Please note that the
Commonwealth Bank will send to 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
Compulsory 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
ESUPERFUND does not provide financial product advice or recommend any financial products: This applies
equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND,
such as your Commonwealth Bank Transaction Account. If you require advice about your CBA Transaction Cash
Account, you should seek professional advice from a financial adviser before making any decision about whether to
acquire the product.
Online
Application
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2. CBA Transaction Account Interest Rate
Commonwealth Bank Transaction Account Interest Rate
The current interest rate payable on the Commonwealth Bank Transaction Account is 1.75% per annum calculated
daily and paid quarterly.
NOT an Introductory Interest Rate
Importantly the interest rate offered to ESUPERFUND clients is not an introductory Interest Rate, which is typical in
the marketplace, but an ongoing interest rate. The Commonwealth Bank Transaction Account also has no monthly
fees.
Government Guaranteed
Deposit accounts with Commonwealth Bank balances 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 CBA
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 www.apra.gov.au/FCS.cfm.
No financial product advice or recommendation
ESUPERFUND does not provide financial product advice or recommend any financial products: This applies
equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND,
such as your Commonwealth Bank Transaction Account. If you require advice about your CBA Transaction Cash
Account, you should seek professional advice from a financial adviser before making any decision about whether to
acquire the product.
5
VISIT ESUPERFUND.COM.AU CONTACT US [email protected]
3. FAX Authority Document
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.
To download the Commonwealth Bank Transaction Account Fax Authority please visit
http://esuperfund.com.au/Libraries/documents/cba-accelerator-cash-account-transfer-request-form.pdf.
No financial product advice or recommendation
ESUPERFUND does not provide financial product advice or recommend any financial products: This applies
equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND,
such as your Commonwealth Bank Transaction Account. If you require advice about your CBA Transaction Cash
Account, you should seek professional advice from a financial adviser before making any decision about whether to
acquire the product.
6
VISIT ESUPERFUND.COM.AU CONTACT US [email protected]
4. Frequently Asked Questions
Does my SMSF have to use a specific Transaction Account as a client of ESUPERFUND?
When you become a client of ESUPERFUND, a Compulsory Bank Account will be established for your SMSF
which will act as the Transaction Account for your SMSF. ESUPERFUND clients are required to use the
Commonwealth Bank Transaction Account as the Compulsory Transaction Bank Account for their Fund. By using
CBA as the Compulsory Transaction Bank Account for your Fund, ESUPERFUND is able to ensure that our
services are provided at a fee significantly below market.
How is Compulsory Transaction Bank Account established?
Documentation to establish a Commonwealth Bank 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 Transaction Bank
Account typically takes 1 to 2 weeks to establish from the time the signed application is returned to our office. Once
the account is established, the Commonwealth Bank will forward to you directly your SMSF Bank Account details
including login and password. For full details of the SMSF Setup Process which includes the SMSF Bank Account
establishment please visit http://esuperfund.com.au/setup/new-smsf-setup.html.
Why does ESUPERFUND use a Compulsory Transaction Bank Account?
By using the Commonwealth Bank Transaction Account as the Compulsory Transaction Bank Account for your
Fund, we are able to ensure that our services are provided at a fee significantly below the market. This is because
we are 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 to
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 Commonwealth Bank Transaction Account and cannot actually login to your Bank
Account to access the required data.
Do all my SMSF Transactions flow through the Compulsory Transaction Bank Account?
Yes. All Investments made by your SMSF must be made directly from the Compulsory Transaction Bank Account.
For example if you are investing in Shares the trade is settled from the Compulsory Transaction Bank Account.
Similarly if you are investing in say a Term Deposit or Online Savings Account the investment will need to be made
from the proceeds in the Compulsory Transaction Bank Account. Accordingly prior to making an investment the
monies must first be deposited to the Compulsory Transaction Bank Account and the Investment in turn made from
that account. This ensures that ESUPERFUND can track all investments made by your SMSF and importantly
ensure we can streamline the annual compliance process ensuring our annual fees are kept well under market.
Is the Compulsory Transaction Bank Account Government Guaranteed?
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Yes. 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 CBA
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 http://www.apra.gov.au/FCS.cfm.
How can I make Deposits into my Compulsory Transaction Bank Account?
Deposits into your Commonwealth Bank 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
How can I make Withdrawals from my Compulsory Transaction Bank Account?
Withdrawals from your Commonwealth Bank Transaction Account can be made in any of the following
ways:
Telephone access via CBA Phone Banking: Phone: 13 22 21
Internet Transfers
BPAY
Direct Debit
Fax Request using our online fax authority that can be found at http://esuperfund.com.au/smsf-bank-account/faxauthority.html.
How can I avoid the Transfer Limits associated with the Compulsory Transaction Bank Account?
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 SMSFs as required and for any amount.
What is the Interest Rate payable on the Compulsory Transaction Bank Account?
The Commonwealth Bank Transaction Account Interest Rate can be found
at http://esuperfund.com.au/smsf-bank-
account/interest-rates/cba-transaction-account.html.
What are the Fees payable on the Compulsory Transaction Bank Account?
The Commonwealth Bank Transaction Account has no monthly fees.
What if I have a query about my Compulsory Transaction Bank Account?
If you have any queries about your Commonwealth Bank 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 Commonwealth Bank Transaction Account as unfortunately we will be unable to assist you with your queries.
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How safe are my monies in the Compulsory Transaction Bank Account?
Completely safe. The Commonwealth Bank 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 do 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 Compulsory Transaction Bank Account with the Commonwealth Bank are totally protected and secure
because your SMSF is the direct owner of the Assets.
Can ESUPERFUND access my Compulsory Transaction Bank Account?
No. ESUPERFUND has absolutely no ability to enter or transact on your Commonwealth Bank Transaction
Account. Only you as the SMSF Trustee can login and transact on the Compulsory Transaction Bank Account. This
gives you peace of your mind your Super monies are totally secure. Please note that the Commonwealth Bank will
send to ESUPERFUND an annual data file of all your SMSF Bank transactions to enable us to attend to your
SMSF's annual compliance obligations.
How do I change to a Commonwealth Bank Transaction Account?
If you are currently a client of ESUPERFUND and are looking to change Compulsory Transaction Bank Accounts
for your SMSF, please complete 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.
Can ESUPERFUND provide advice about my Compulsory Transaction Bank Account?
No. ESUPERFUND cannot provide you with any advice about your Compulsory Transaction Bank Account.
If you require advice about your Compulsory Transaction Bank Account, you should seek professional advice from
a financial adviser.
No financial product advice or recommendation
ESUPERFUND does not provide financial product advice or recommend any financial products: This applies
equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND,
such as your Commonwealth Bank Transaction Account. If you require advice about your CBA Transaction Cash
Account, you should seek professional advice from a financial adviser before making any decision about whether to
acquire the product.
9
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5. Add Bank
If you are currently a client of ESUPERFUND and are looking to add a Bank account for your SMSF, please login
to the ESUPERFUND Client Portal at https://clientportal.esuperfund.com.au and complete the "Add Bank"
Application. Please note that when you submit an application to add a Bank account your current Bank Account will
not be closed.
No financial product advice or recommendation
ESUPERFUND does not provide financial product advice or recommend any financial products: This applies
equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND,
such as your Commonwealth Bank Transaction Account. If you require advice about your CBA Transaction Cash
Account, you should seek professional advice from a financial adviser before making any decision about whether to
acquire the product.
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WHAT’S NEXT?
 Read more learning modules at esuperfund.com.au
 Contact us at [email protected]
 Haven’t got a SMSF yet? Apply Now!
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