Recommendation for a Bank Account and Broker for My SMSF

Trendyoz on 10/02/2021 - 18:14
Last edited 16/02/2021 - 22:21

Hello lovely OzB community. I have just setup my SMSF and need to open an account. Mainly planning to buy property and share trading. What is everyone’s recommendations for a bank account and share broker? Much appreciate any input.

Here is a finder article on setup cost for those interested: https://www.finder.com.au/how-much-does-a-smsf-cost

Financial

Comments

  • ihbh on 10/02/2021 - 18:36

    What are your set up costs so far?

    What do you expect it to be each year thereafter?

    • Trendyoz on 11/02/2021 - 20:46
      -1

      Corporate smsf is $1200, yearly audit $800

      • deme on 11/02/2021 - 20:50

        But why?

        • Trendyoz on 11/02/2021 - 20:50

          Sorry what do you mean?

          • deme on 11/02/2021 - 20:51

            @Trendyoz: Isn't that a lot of fees?

            • Trendyoz on 11/02/2021 - 20:53
              -1

              @deme: Apparently ATO takes about $900, so the rest is setup cost. And yearly audit is an ongoing cost.
              Individual smsf is about $700, but you cant take out loan for property

  • AndyC1 on 10/02/2021 - 20:00
    +4

    See an accountant or go back to who ever told you to setup the SMSF as you may need more help than you have been given.

    • Trendyoz on 11/02/2021 - 20:51
      -1

      Why to an accountant? My smaf agent doesn’t do shares

  • deme on 10/02/2021 - 21:00

    grabs popcorn

  • Baysew on 11/02/2021 - 10:10
    +3

    Macquarie Bank for bank account. (Rabo bank for Term Deposits/90 Day account/At Call). Bell Direct for share trading.

    Provides ease of use via web sites, great reporting. Bell not the bottom of the barrel cheapest.

    No need to see accountant, at this stage you should have trust deed, TFN, ABN etc.

    • Trendyoz on 11/02/2021 - 20:50
      -1

      Thank you, have all of these and my fund is compliant. Just need account setup. Any reason why you recommend Macquarie bank? Is that same as CMC?

      • Baysew on 16/02/2021 - 22:08
        +2

        Macquarie handle one third of all SMSF accounts (according to Macquarie). They have the expertise and experience in the product. Web site has all the bells and whistles, with 10 year of statements. Has Government guarantee on funds.

        Is that same as CMC?

        Well Macquarie is a bank, so not the same. CMC seems to be a CFD broker.

        • Trendyoz on 16/02/2021 - 22:18

          Thank you, decided to go with Macquarie. Can’t believe how easy that was to sign up. Spoke to CBA/WESTPAC/STGEORGE everyone said appointment needed and at least 2 hrs! Took me about 15 mins to sign up with MB! Thanks again buddy. Didn’t take brokerage, will go with IG.

  • Trendyoz on 12/02/2021 - 23:47
    -1

    Why all the neg votes? Someone just practically neg’d all my comments. 😄

    • Baysew on 16/02/2021 - 22:14

      11 negative votes. That is 3 people?

      • Trendyoz on 16/02/2021 - 22:19

        Some people might just find this entertaining. Nothing better to do may be?

Login or Join to leave a comment
Login Join