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  1. #1

    Default Esuperfund SMSF brokers

    Any one using a SMSF Administrator who does not charge extra
    for more than 15 transactions and is reasonable priced

    Have changed to Esuperfunds but you can only use Etrade and Commsec
    to trade, since IB Brokers have hit the market
    would like to use them as my preferred broker,
    need a few more ESuperfund clients to push the issue with
    them to allow IB brokers which would be better as a one stop shop



    http://www.esuperfund.com.au
    Last edited by RichKid; 12th-July-2007 at 02:01 PM. Reason: added link

  2. #2

    Default Re: Brokerage/platforms terrible in Oz

    Quote Originally Posted by auric View Post
    Any one using a SMSF Administrator who does not charge extra
    for more than 15 transactions and is reasonable priced

    Have changed to Esuperfunds but you can only use Etrade and Commsec
    to trade, since IB Brokers have hit the market
    would like to use them as my preferred broker,
    need a few more ESuperfund clients to push the issue with
    them to allow IB brokers which would be better as a one stop shop

    hi Auric,

    am not a client of Esuper, `cos I dont want to join Etrade.
    however I`m really interested if Esuper would join up with IB, although ANZ would be out of the picture as IB got all the clients money in a pooled account.
    why dont you start a new thread and ask people to sign a petition or whatever?

  3. #3

    Default Re: Brokerage/platforms terrible in Oz

    yonnie

    do not think we need a petition
    with the number of smsf being formed eventually
    some one will break into the market to offer
    a solution
    esuperfund is the best so far and i have nothing against them,they offer a good service just need some better preferred brokers; IB:

  4. #4

    Default Re: Esuperfunds SMSF brokers

    do you know that Etrade actually promotes SuperEasy, although this outfit is a lot more expensive?

    maybe not a petition, but how would the admin industry know about your problem if you dont bring it to their attention?

    just wait 5 years and it might happen?

  5. #5

    Default Re: Esuperfunds SMSF brokers

    just sent an email to Esuperfund explaining that IB is a multi billion $ broker from the US and is offering their services now in Oz. Far cheaper than Comsec at 0.8% of trade value with a minimum of $6 against Comsec`s $ 19.95. Seems like there is a lot of interest among traders on this site to join up with IB and wonder if they would strike a deal with IB to offer Esuperfund`s accountancy for IB`s clients.

    So if everybody could send Esuperfund an email that would be great

  6. #6

    Default Re: Esuperfunds SMSF brokers

    lets hope it hits the right spot have sent my email and have rang them

    cheers

  7. #7

    Default Re: Esuperfunds SMSF brokers

    Quote Originally Posted by auric View Post
    lets hope it hits the right spot have sent my email and have rang them
    cheers

    good on ya, if we all put the effort in, it might just happen.
    thanks

  8. #8

    Default Re: Esuperfunds SMSF brokers

    Just picked up on Esuperfunds from this thread.

    I gather they make their money from trailing commissions?
    Also that the $599- pa is subject to this?
    What do they charge otherwise, ie funds in property, term deposit or even Managed Funds where they do not get the commission?

    Also are users happy with the set up?

  9. #9

    Default Re: Esuperfunds SMSF brokers

    cfd,

    esuper is an accountancy site that does your trading administration in a SMSF very cheaply.

    They will set up your SMSF for you, do all your administration no matter how many trades you have done and also do the auditing.
    All this for the pricely sum of $ 599.

    The only drawback for me is that they only do Comsec and IGmarket clients and I dont want to trade there.

    But if they would do IB clients, I would be over at Esuperfund in a flash

    wonder why Esuperfund dont have a deal with all brokers in Oz, now that would expand their business.

  10. #10

    Default Re: Esuperfunds SMSF brokers

    Quote Originally Posted by yonnie View Post
    cfd,
    ~~
    The only drawback for me is that they only do Comsec and IGmarket clients and I dont want to trade there.
    ~~
    So one of the questions I'm asking, is how much do they charge for administration etc. if you trade elsewhere, which anyone with an SMSF is entitled to do?

  11. #11

    Default Re: Esuperfunds SMSF brokers

    Quote Originally Posted by CFD View Post
    So one of the questions I'm asking, is how much do they charge for administration etc. if you trade elsewhere, which anyone with an SMSF is entitled to do?
    Esuperfund dont do any other brokers than Comsec and IGMarkets
    well maybe Etrade

  12. #12

    Join Date
    Mar 2006
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    Default Re: Esuperfunds SMSF brokers

    I too am a happy ESuperfund customer, although after initially setting up with ETrade & ANZ I'm in the process of changing to Comsec & Macquarie Banking, as I didn't like how you had to leave funds in your ETrade settlement account in order to put in a trade which may or maynot go through.

    They restrict what accounts you use to keep things simple so that they can keep their fees so low. Also noted that they make a little extra out of the brokerage fee and they also register you for GST, complete all the required paperwork and keep any GST refunds up to a certain value (can't remember off the top of my head what the figure was) I don't have a problem with them doing that, as I probably wouldn't have registered for GST at all and this helps them keep their fees substantially lower than anyone else.

    I'm actually an accountant by background and was going to do all the compliance work myself, although I would of had to pay for the accounts to be audited, buy special software, it would be cheaper and less hassle for me just to get ESuperfund to do the compliance work for me.

    This is my first year with ESuper so will keep a close eye on their work, but so far all seems good.
    cheers
    Sharon

  13. #13

    Default Re: Esuperfunds SMSF brokers

    hi Sharon,

    I am not a customer of Esuperfund, because I dont want to trade through Comsec/Etrade/IGMarkets.

    but I would love to get rid of the adminstration of 500+ trades a year.

    do you trade that much that Esuperfund manages to register you for GST? I thought that was only if you are in the business of share trading.

    that Esuperfund keeps the gst is not clearly on their website.....where can I find that?

    thank you

  14. #14

    Join Date
    Mar 2006
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    South Coast NSW
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    Default Re: Esuperfunds SMSF brokers

    Gidday yonnie,

    Well it took me a while to find it, was thinking I must of imagined it, but did find it in the end. It actually on the 3rd page of their Client Service Statement I've cut and paste it below. I do not do alot of trading and wasn't even asked the question but I know they have registered my SMSF for GST. At the time I just thought that I didn't really care as my GST would be minimal and I suppose that helps them keep their fees so low. However, I've thought about it some more and have a few concerns about it and will be making some more enquiries, with the ATO & ESuper. I would think that ESuper would have to invoice my superfund for the amount of GST claimed and they cannot just take money that is owed to the superfund. Anyway see what I can find out and will post it later.
    cheers
    Sharon




    Registration for GST
    When you establish a SMSF with ESUPERFUND your Fund will be registered for GST. This means that your SMSF will be
    required to lodge additional documentation with the ATO each year attended to by our office. By registering for GST your Fund will
    be entitled to claim the GST paid on Fund costs. No payment is required to be made by your SMSF to ESUPERFUND for attending
    to the Funds GST obligations. This is because ESUPERFUND is paid from the GST refund received by your Fund. Where the
    SMSF GST refund exceeds $299 we pay the excess into your SMSF Bank Account

  15. #15

    Default Re: Esuperfunds SMSF brokers

    wow, Sharon, I find that so dodgy and underhanded.

    it might be still value for money, but they should clearly state on their website that there is more to it than a fee of $599 a year and not in the small print only.

    might even be cause for a consumer complaint.

    wonder how they get around the business issue: you are clearly not a trader and should not be entitled to the GST, but you have to add GST to the purchase price of your position for profit/loss purposes.
    With Esuperfund taking the Gst your profits will be higher/your losses lower.
    Last edited by yonnie; 24th-July-2007 at 11:41 AM.

  16. #16

    Join Date
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    Default Re: Esuperfunds SMSF brokers

    Got to admit it is a bit underhanded, I suppose initially I was prepared to over look it as the fees were so cheap, also with my accounting background I am reasonably confident of picking up any errors made in the accounts so felt it was worth giving them a go.

    I really didn't give it all enough thought really as it was all a rush to get set up pre 30/6/07, now that things have settled I will be asking more questions as it really seems quite unethical for them to do this.

    My understanding of the GST was that if your turnover is under the limit which is now $75000 you do not have to register for GST but if you choose to you can.

    Whether I was a trader or an investor would effect how my turnover was calculated for GST purposes not whether or not I could register for GST.

    Hope this makes sense.

    I have phoned ESuper & left a message (this is one area that can be annoying they can be difficuilt to contact at times)

    As I am not a trader the overall effect will be nil.

    At the end of it whatever ESuper get back in GST (which I wouldn't of claimed as I wouldn't of registered for gst) this will end up being a cost to my smsf as effectively that amount has been paid to ESuper for preparation of BAS. Whether this is all legitimate and can be done this way I'm not sure and will try and find out.

    Just got cut off after being on hold to the ATO for 15 min's will try again!!
    sharon

  17. #17

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    Default Re: Esuperfunds SMSF brokers

    Ok ESuperfund have got back to me on the GST issue and have satisfied my issues with it. They basically do provide a statement at the end of the year showing GST transactions & refunds which are banked by ESuper who provide an invoice for charges relating to GST returns prepared equal to the value of the GST refunds (unless they exceed the $299 per qtr)

    They are quite happy to let you do your own GST return if you wish and seem very approachable in regards to assisting on an individual basis with any issues you may have.

    Also mentioned re using IB brokers and they have indicated that if there is a call for it they would talk to them to see if they can come up with an agreeable arangement. Part of keeping the fees low with Esuper is that they can get live data feeds from the broker & bank to cut down on the work involvled. They also make some money out of the brokerage fees, with IB being so cheap there maybe no room for ESuper to make money out of it.

    For me the cheap compliance costs of using ESuperfund of $599 per year more than outweighs any disadvantages of being tied to either ETrade or Comsec.

    cheers
    Sharon

  18. #18
    Gong Xi Fa Cai hangseng's Avatar
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    Thumbs up Re: Esuperfunds SMSF brokers

    Quote Originally Posted by SharonK View Post
    Ok ESuperfund have got back to me on the GST issue and have satisfied my issues with it. They basically do provide a statement at the end of the year showing GST transactions & refunds which are banked by ESuper who provide an invoice for charges relating to GST returns prepared equal to the value of the GST refunds (unless they exceed the $299 per qtr)

    They are quite happy to let you do your own GST return if you wish and seem very approachable in regards to assisting on an individual basis with any issues you may have.

    Also mentioned re using IB brokers and they have indicated that if there is a call for it they would talk to them to see if they can come up with an agreeable arangement. Part of keeping the fees low with Esuper is that they can get live data feeds from the broker & bank to cut down on the work involvled. They also make some money out of the brokerage fees, with IB being so cheap there maybe no room for ESuper to make money out of it.

    For me the cheap compliance costs of using ESuperfund of $599 per year more than outweighs any disadvantages of being tied to either ETrade or Comsec.

    cheers
    Sharon

    Great reading Sharon, good work.

    I have been looking at SMSF for 2 years now and ESUPERFUND just kept jumping out at me as a very good option. I have just received my documents to sign and return and can't wait to have this operable.

    I had a long chat to them and have read just about every review I could. Just seem logical to go with it, even my accountant relunctantly agreed it is a great option.

    I bet my super fund IOOF won't be happy chappies though.

    One of the queries I had was the use of Comsec. Not my preferred choice for trading but for one off investment transactions I saw no problem. They said I can use who I want but I would have to provide all trading information to them regularly in a format they want. Much easier just to use Comsec basic account for super and use live feed data separately as I do now with Etrade Pro.

    Also looking at trialling Clime's Stockval this year as an additional investment selection tool. Anyone use this? With the amounts I will be investing and trading the expense is minimal to gain access to it.

    Thanks to all the contributors here, great information.
    "There is a crack in everything... it's how the light get's in"
    Leonard Cohen

  19. #19

    Default Re: Esuperfunds SMSF brokers

    Quote Originally Posted by SharonK View Post
    At the end of it whatever ESuper get back in GST (which I wouldn't of claimed as I wouldn't of registered for gst) this will end up being a cost to my smsf as effectively that amount has been paid to ESuper for preparation of BAS. Whether this is all legitimate and can be done this way I'm not sure and will try and find out.

    sharon
    From an accounting point of view, treating Esuperfund's invoice for GST as an expense does not accurately record the cost basis for the securities purchased whilst the $299 limit has not been reached.

    As pointed out in the documentation associated with ManageInvest,

    "The cost base of an asset, also known as its capitalised cost, is equal to the amount paid for the asset, including any capitalised expenses associated with the purchase and delivery (such as stamp duty, legal fees or brokerage), less any amounts that have been recovered."

    Sandgroper3

  20. #20

    Default Re: Esuperfunds SMSF brokers

    Getting GST back for a super fund has nothing to with being a "trader" or not. You can claim back 75% of the GST component of brokerage - you just have to register for GST and do the BAS stuff each quarter. There is a tax ruling about this on the ATO web site. BTW you cannot claim the GST from the auditing component.

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