SMSFA calls on APRA-regulated funds to standardise verification requirements – SMSF Adviser Well said… https://t.co/gVMkzGPgAe
An SMSF needs its own bank account. We provide access to the Macquarie Cash Management Account (CMA) for the following reasons:
Keeping your SMSF money separate from your personal money is essential when you have an SMSF. Because most people don’t use Macquarie for their everyday personal banking, using Macquarie helps ensure no costly mistakes.
It is important to note that it is not compulsory to use the Macquarie CMA to use the services of Grow SMSF. We will only provide you with information on the Macquarie CMA and assist you with the administrative aspects of setting up the account based on your instruction. Please refer to our Advice Disclaimer for further information.
Grow SMSF is completely independent of Stake. We do not receive any commissions, referral fees or any other compensation from Stake.
Grow SMSF offers a discounted solution to make a self-managed super fund more accessible for self-directed investors.
You do not have to use Stake to use the services of Grow SMSF. Refer to our Advice Disclaimer for more information.
There are a number of differences if you were to compare Grow SMSF to many of the low cost online only service providers available. We recommend anyone comparing SMSF service providers look at the following as part of their research:
The above is not a comprehensive list. Take a look at our blog to find more specific information on comparing Grow SMSF to other service providers.
One of the most fundamental principles of a self-managed super fund is separation of assets. A separate Stake account is needed in the name of the SMSF.
Separation of assets means that assets, accounts and investments of an SMSF must be in the name of the trustee of the fund on behalf of the SMSF and cannot be mixed or intertwined with assets and investments of the members / trustees of the fund. If a trustee fails to keep assets of an SMSF separate the breach of the regulations must be reported to the ATO by the independent auditor of the fund. The trustee(s) could be personally fined or in extreme cases the ATO may deem the fund non-complying.
The Stake ASX platform uses Finclear, whereas US trading is handled by Drive Wealthl. We can obtain a data feed from Finclear into our specialist SMSF accounting software, however this is NOT available for US trading data from Drive Wealth.
This means all US trading needs to be manually accounted for, which significantly increases the cost of completing the accounts for the SMSF and will incur an additional fee of $300 per annum.
The brokerage account for your SMSF runs side-by-side your cash account. Many Grow clients use Stake for ASX investing because of the following great features:
While the Macquarie account can act as the ‘cash hub’ for your SMSF, Stake can act as the investment platform. Transferring funds between Macquarie and Stake is quick and easy. The combination of Macquarie and Stake ensures your SMSF is future proof if you want the option of adding property and other assets in the future.
You do not have to use Stake or Macquarie to use the services of Grow SMSF. Refer to our Advice Disclaimer for more information.
The set-up fees for a new SMSF are as follows:
Grow SMSF intentionally DOES NOT offer ‘FREE’ SMSF establishment to ensure we provide you with the best possible upfront support and service you deserve.
You can set up a new SMSF with Grow here: Set up an SMSF
There is no need to use any 3rd-party tools to separately track your SMSF portfolio. Incorporated into our solution is detailed investment and capital gains tax (CGT) reporting.
When you trade on Stake, any trades will automatically flow through into our SMSF accounting platform (normally next business day). We track all holdings in your Stake ASX SMSF portfolio and when you sell the system will automatically minimise the capital gains on the sale.
Under our popular ASX Flexi package you can add crypto to your SMSF portfolio via one of our preferred crypto exchanges.
Grow SMSF does not hold an Australian Financial Services Licence (AFSL) or is not an authorised representative of an AFSL holder.
The advice and support we provide to our clients is limited to either taxation or the compliance of your self-managed super fund under the relevant laws and regulations.
Grow SMSF is not a financial adviser. We do not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of investments or superannuation interests.
Any information contained within this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed.
Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.
Please refer to our Advice Disclaimer for more information.