In the “Take Control” and “More Flexibility” package, your SMSF can only utilise the ANZ V2 Plus Account as the primary bank account for your SMSF. The above mentioned account will be established when you decide to set up or transfer a SMSF to Supervision. If your SMSF holds other bank accounts you will need to arrange for their closure and have the money transferred to your new bank account.
It is important to understand that not all bank accounts are the same when it comes to SMSF accounting and administration requirements. The quality of reporting, payment options and data feeds all contribute to ease at which Supervision can complete your accounting requirements. There is little point in achieving the highest possible interest rate on your transactional cash account, if it takes twice as long to complete your accounts resulting in higher accounting bills. Supervision have solved this by selecting a provider that has outstanding data feeds and other data connections that reduces time spent on menial tasks such as bank statement entry and bank reconciliations.
Supervision SMSF can deliver its services to you at fees significantly lower than the market because of these advancements in technology.
As other institutions create these efficiency gains with their products, it is likely that the list of banking options may increase.
Using multiple bank accounts to gain better rates of interest is not the best way to maximise the interest that you receive on your cash investments. It may seem smart to open a new account which offers slightly higher rates of interest, but the amount of additional work required by firms like Supervision to complete the accounts will negate any interest advantage that you may have gained, not to mention all of the work you will have to do to make changes to the direction of dividend payments and other regular transactions that take place. It is not uncommon for some clients to have so many bank accounts that they loose track, which is not ideal.
Term Deposits are a viable alternative to this and by using AMM as our preferred supplier, you are able to keep track of your cash investments and trade in and out when you want. This maximises your time and your returns while keeping your accounting bills down.