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Esuperfund SMSF brokers

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Im with esuper.
Been about 7 yrs now i think.
No problems at all so far.
They make smsf simple, but only if you use their preferred bank accounts and brokers.
 
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@peter2, all good. My bad, that was meant to be third year. Do the fees increase substanially after the second year? Any other hidden costs or products they try and push on you?

@Zero Sum Game, good to hear, as not looking to change and swap, once a decision has been made

@sptrawler, I'm assuming you did your research before settling with them. Was it just the choice of bank/broker that made you go with them? Their fees seem alot more
 
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Just to let you know about exiting. I'm sorting stuff out in advance on non-residency as you can't run a SMSF. There may be ways around it but rather things simple.

Anyway, been with eSuper for years and fees haven't changed much. That's been good. I was able to use IB for ASX stocks but only realised I could do it when I set them as my International stock choice. Not sure if that's possible now.

Only memorable thing is I'd get a nasty notice from ATO telling my to pay tax IMMEDIATELY. I read and signed the end of year eSuper paperwork but always forgot to record the date and ATO payment. Never a problem, eSuper alerted me and I'd Bpay. Good thing I paid last second :)

As far as exiting, better to do it closer to the EOTY if possible as you still pay the yearly fee. Also, it seems they put you at the bottom of the list for doing your tax as it's taken months to close the account. Ended up shifting out the bulk of dollars (which was fine) but still have an amount sitting in the ANZ account.
 
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@sptrawler, I'm assuming you did your research before settling with them. Was it just the choice of bank/broker that made you go with them? Their fees seem alot more
I didn't do a lot of research, I started my fund using BGL simple fund in 1987 and doing most of it myself.
Then travelling made it more and more difficult, so looked for an accountant using simple fund, so I can still have the fund on my p.c, which I think makes it more portable.
I didn't think their costs were too bad (about $850/annum), but I haven't really compared a lot, I guess it boils down to what sits best with you.
I also like running my banking as is and don't wish to change it.
Having said all that a couple of mates use esuper and they seem happy with them.
 
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@Sir Burr, from what I understand if another trustee/director of the fund remains in Oz, and continues to contribute then all fine. Not sure of your circumstances but the 45% tax is a little hard to swallow if you take the money and run, so to speak.

@sptrawler, 1987? or did you mean 1997?

Just curious what most here use, an individual or corporate trustee setup?
 
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from what I understand if another trustee/director of the fund remains in Oz

Yeah I didn't want to rely or put this onto a relative here in Oz, adding any as a trustee.

the 45% tax is a little hard to swallow if you take the money and run, so to speak.

Not taking the money, rolling over into an Oz fund keeping the same tax rules as a resident. Although anyone doing this may find you pay tax in the country your residing. Depends if there is a tax agreement between Oz and other country.


 
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Hello all,

Hoping people on here have some experience to help me.

I'm currently with Esuperfund and am looking to change to a different administrator as they do not allow Interactive Brokers any more.

I'm currently going through the process of setting up the IB account for the SMSF name and need some help.

Trust name.
I set everything up through Esuperfund initially. My 'SMSF Name' as on the trust deed is pretty clear. However for the ABN and TFN application forms they have the name is 'The Trustee for SMSF Name'. Thus that is what appears now when I go to superfund lookup. I see that some other funds also have The Trustee for in their name. Anybody know the reason for this, why Esuperfund have set it up as so and whether it matters?

To further complicate things the account name for the SMSF's bank account with CBA states 'Corporate Trustee Name ATF SMSF Name'. The statement is addressed to just SMSF Name in the mailing address though.

When entering the trust name in the IB application form it says to enter it exactly as on the bank statement or wire transfers will not work. Anybody know what I should enter? I think just SMSF Name should be ok as from memory of using IB years ago in my individual name transfers were done to an Australian bank account of IB anyway.

Settlor/Grantor
IB asks for settlors and grantors of the trust. I know a discretionary trust has one but I never encountered this during the setup of the SMSF. Anybody know if SMSFs have a settlor/grantor or what I should put in this section?

Many thanks for any help offered,
 

Cam019

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Hey all,

I just want to know if anyone here uses esuperfund but does not use the recommended platforms on their website. e.g. you don't use their EBROKING platform to purchase ASX shares but you might use SelfWealth instead. Hence, esuperfund can't access your electronic data for annual compliance requirements meaning you have to provide that information to them every year.

I'm looking at setting up my own SMSF but I'm wondering how much more difficult they make the process if you don't use their recommended financial institutions and brokers that they can access electronic data for.

I was hoping for this to be a fairly streamlined process so I do like the idea of them being to access the data for annual compliance requirements. However, I was just hoping not to have to pay Commsec brokerage prices which is what esuperunds EBROKING platform mimics.
 
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Hey all,

I just want to know if anyone here uses esuperfund but does not use the recommended platforms on their website. e.g. you don't use their EBROKING platform to purchase ASX shares but you might use SelfWealth instead. Hence, esuperfund can't access your electronic data for annual compliance requirements meaning you have to provide that information to them every year.

I'm looking at setting up my own SMSF but I'm wondering how much more difficult they make the process if you don't use their recommended financial institutions and brokers that they can access electronic data for.

I was hoping for this to be a fairly streamlined process so I do like the idea of them being to access the data for annual compliance requirements. However, I was just hoping not to have to pay Commsec brokerage prices which is what esuperunds EBROKING platform mimics.
HiCam19

I am using CMC with Esuperfund. The setting involves a few extra steps during the annual compliance but its not very difficult and they making it easier every year :) . You have to upload all you trades and bank (broker) transactions using a sample excel format. Once you "master" this is a peace of cake.

But before you do anything just make sure that they will allow you to deal with your choice of broker.

Hope this helps

Barbara
 

Cam019

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But before you do anything just make sure that they will allow you to deal with your choice of broker.

Hi Barbara,

On esuperfunds website is says that "Clients of ESUPERFUND are permitted to use any Broker to invest in Australian Shares and Other Australian Listed Securities for their SMSF".

What did you mean by check if they will allow me to deal with my choice of broker? It says we are permitted to use any broker we like. Have you had a different experience?
 
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Hi Barbara,

On esuperfunds website is says that "Clients of ESUPERFUND are permitted to use any Broker to invest in Australian Shares and Other Australian Listed Securities for their SMSF".

What did you mean by check if they will allow me to deal with my choice of broker? It says we are permitted to use any broker we like. Have you had a different experience?
My apologies, been with them for such a long time so did not have an idea they have changed their rules about using different brokers. In this case just go ahead and open the account. Just in case you'll have problem with the annual return just ask them, they easy to deal with and very quick to respond to any queries.

Good luck

B
 
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Anyone has action on this yet.
Need a bit of suggestion/opinion.
Remain with Comsec switch over to ANZ or ebroking.
Is ebroking under any large Aussie banks?

Not much choice and also my personal account is with CommSec.

If my SMSF with Esuperfund is switched over to ANZ or Ebroking will current holdings considered as a transactions and I’ll have to start all over again.

Appreciate any feedback.

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