Recommendation for a Bank Account and Broker for My SMSF

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

Comments

  • What are your set up costs so far?

    What do you expect it to be each year thereafter?

    • -1

      Corporate smsf is $1200, yearly audit $800

      • But why?

        • Sorry what do you mean?

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

            • -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

  • +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.

    • -1

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

  • grabs popcorn

  • +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.

    • -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?

      • +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.

        • 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.

  • -1

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

    • 11 negative votes. That is 3 people?

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

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