Self Managed Super Funds
Fine tune your future with our SMSF banking solutions.A Self Managed Super Fund (SMSF) empowers its trustees with complete control over the growth and security of their future wealth. To optimise your self managed super into a vibrant and thriving investment portfolio, you’ll first need the help of some fundamental banking tools.While a Financial Planner from Suncorp Financial Services can’t establish or manage your SMSF for you, they are available to provide investment advice1.
If you’d like to speak with someone about our banking solutions for SMSF click the ‘Enquire Now’ button to complete the Enquiry Form and we’ll contact you.
Growing your future with Suncorp Bank
Whether you’re well established or just starting out, managing your own super is about being in control and having choice. At Suncorp Bank we understand managing a SMSF can be time consuming and at times quite challenging so you need easy-to-use banking solutions which support you in your goals and free you up to grow your portfolio. We have a range of simple and easy-to-use banking solutions which can work together to help give you control of your SMSF portfolio, whatever your investment strategy.
At Suncorp Bank, we provide a host of powerful, flexible, and easy-to-use investment and borrowing options that can make managing your DIY Super a breeze.
If you have an SMSF or are looking to establish one, the chances are you’re fairly financially savvy and know the ins and outs of investing.
This isn’t to say you won’t need a little help from time to time with managing your SMSF banking needs which is why as a Suncorp Bank customer you’ll always be able to talk to a real person. Whether it’s face to face or over the phone, Suncorp Bank consultants are available to discuss your banking needs. And, if you’re looking for investment or financial planning advice, you can always meet with a Financial Planner from Suncorp Financial Services8.
Seeking Advice and Further Information
Setting up a SMSF is subject to specific rules and government regulations. It is therefore important that you obtain independent financial and legal advice to ensure an SMSF is right for you, and if you intend to borrow against your SMSF to invest in property, whether this is the right strategy for your SMSF.
For more information, call us on 13 11 75. Visit the Australian Taxation Office SMSF information page.
Borrowing for property investment2
Investing in property through your SMSF can deliver alternative income streams, beyond traditional superannuation investments , as well as providing attractive tax benefits.
A property investment inside your SMSF can allow you to use concessionally taxed income to fund the investment, meaning you could pay less tax on investment returns than outside of super. Capital gains tax can also be lower when investing in property through superannuation3.
These tax benefits can represent significant savings over time, allowing you to accumulate wealth and repay debt much more quickly.
At Suncorp Bank our SMSF loans for property have just as many benefits as the investment itself. Term loans can be used for residential4, commercial and agribusiness properties and SMSF Trustees can borrow between $250,000 and $5 million for terms between 15 to 25 years. Trustees can also select from a choice of repayment types (principal and interest or interest only) and repayments can be made using rental income and SMSF contributions.
Read more about Suncorp Bank’s Self Managed Super Fund loans.
Transaction and Investment Accounts
Managing SMSF Cash Flow
When it comes to managing your SMSF, keeping track of your cash flow should be the least of your worries. If your SMSF cash flow is effectively managed you should be freed up to focus on the key objective of your SMSF: growing your investments.
An easy way to manage your SMSF cash flow is to have a single transaction account which operates as a cash hub or working account, providing a single view of all transactions. This can simplify your super fund accounting, tax returns and end of year auditing.
A bank account is a key component of an SMSF. It assists in managing the fund’s transactions, receiving things like cash contributions, dividend payments, and the rollover of existing superannuation benefits.
A Suncorp Bank Business Everyday Account is a safe place to park your funds in between investments and to receive contributions, dividend payments and the rollover of superannuation from other funds all while providing a instant access to your funds.
If that isn’t enough, the Business Everyday Account provides you with unlimited electronic internal Suncorp Bank transactions, instant visibility of transactions (via Internet Banking) and your account keeping fee will be waived where you maintain a minimum balance above $20005.
Transaction and Investment account options:
|Business Everyday Account||A basic account for receiving and transferring funds.|
|Business Premium Account||A combined transaction and cash management account, ideal for larger balances.|
|Business Saver Account|
|Term Deposits||A high interest investment account that can pay interest monthly, quarterly, bi-annually, or annually.|
Maximising Short Term Investments
Maximising Short Term Investments
If you’re unsure of what your next investment move is for your SMSF, maximise your cash by investing it in the short term. Shorter term cash investments can offer you the opportunity to access your funds sooner than if invested in a Term Deposit, all while gaining a higher interest rate than a transaction account.
Suncorp Bank’s Business Saver Account is an investment account with the added function of flexiRates. This function enables you to lock a portion of your account balance away for a short term at an even higher interest rate than the investment account itself.
There are a range of flexible terms to choose from, offering competitive rates. Plus, the account is fee-free for all transactions apart from external transfers7 and gives you unlimited electronic access.
Read more about Suncorp Bank’s Business Saver Account and flexiRates.
Fixed term investing
Fixed Term Investing
Investing in a Term Deposit for your SMSF can be a smart way to maximise any surplus cash you have in the defensive component of your portfolio. It provides protection from the fluctuations of the market by offering the security of a known return. A Term Deposit can be an ideal way to smooth out any volatility in your SMSF portfolio.
A Suncorp Bank Term Deposit can offer you the security you expect as well as flexibility with the choice of a term which suits you (1 month to 5 years) and a minimum investment of just $1,000.
Read more about Suncorp Bank’s Term Deposits.
Buying and selling shares
Buying and Selling Shares
Investing in shares for your SMSF can be a relatively inexpensive way of building growth assets in your portfolio. Plus, many shares can be bought and sold relatively quickly providing an element of liquidity for your portfolio. Depending on your circumstances, receiving dividend income from your investment can also have tax advantages.
Suncorp Share Trade is safe; enabling the secure purchase and sale of shares for your SMSF and flexible; giving you the opportunity to trade what and when you want from your desktop, smart phone or iPad.
What’s more, your Suncorp Share Trade6 account also gives you instant access to live prices and dynamic charting as well as analysis and trading webinars. Plus there are no account keeping fees or minimum account balance.
Read more about Suncorp Share Trade.
1Financial product advice is provided by representatives of Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229882. Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL 229882 (“Suncorp Bank”). Suncorp Bank is not responsible or liable in respect of products or services provided by other entities in the Suncorp Group. Terms and conditions, fees and charges apply. Please read the relevant Product Information Documents before making any decisions regarding our products. Contact us on 13 11 75 for a copy of the documents.
2SMSFs are highly regulated and require specific Trust structures for this type of investment. It is therefore important to seek independent financial advice and legal assistance prior to applying for a loan for a SMSF.
3The information set out on this page is of a general nature and has been prepared without taking into account a particular customer’s objectives, financial situation or needs. Before acting on this information a customer should consider its appropriateness relative to the customer’s objectives, financial situation and needs. You should seek advice from your tax advisor, accountant or financial advisor in relation to your particular circumstances and the financial and tax implications of any superannuation investments.
4Please note, at this time, Suncorp does not provide loans to individual SMSF trustees purchasing residential property.
5Fees and charges may apply to external transfers. As part of your account you can receive up to 30 fee free withdrawals each month (including staff assisted withdrawals, cheque withdrawals and external transfers). A $5 monthly account keeping fee applies to the account but will be waived when an average monthly balance of $2000 is maintained).
6Suncorp Share Trade is a service provided by CMC Markets Stockbroking Limited ABN 69 081 002 851 AFSL No. 246381, a Participant of the ASX Group (“CMC Markets Stockbroking”) at the request of Suncorp-Metway Ltd ABN 66 010 831 722, AFSL 229882 (“Suncorp”). For a copy of the terms and conditions relating to the Suncorp Share Trade service and the Financial Services Guides for CMC Markets Stockbroking or Suncorp (or other relevant disclosure documents), contact us on 1300 156 299 or via email at email@example.com. Neither CMC Markets Stockbroking nor Suncorp are representatives of each other. To the extent permitted by law, Suncorp will not guarantee or otherwise support CMC Markets Stockbroking’s obligations under the contracts or agreements connected with the Suncorp Share Trade service.
7A $2 transaction fee applies to external transfers. External transfers include funds transfer, immediate or future dates (internet and staff assisted) from a Suncorp account to an account at another financial institution that participates in BECS.
8Financial product advice is provided by representatives of Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229882. Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL 229882 (“Suncorp Bank”). Suncorp Bank is not responsible or liable in respect of products or services provided by other entities in the Suncorp Group. Terms and conditions, fees and charges apply. Please read the relevant Product Information Documents before making any decisions regarding our products. Contact us on 13 11 75 for a copy of the documents.
The information set out on this page is of a general nature and has been prepared without taking into account a particular customer’s objectives, financial situation or needs. Before acting on this information a customer should consider its appropriateness relative to the customer’s objectives, financial situation and needs. You should seek advice from your tax advisor, accountant or financial advisor in relation to your particular circumstances and the financial and tax implications of any superannuation investments.
Suncorp Portfolio Services Limited (Trustee) (ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059) is the issuer of Suncorp WealthSmart Personal Super, Suncorp WealthSmart Pension, Suncorp WealthSmart Business Super, Suncorp WealthSmart Term Allocated Pension and Suncorp Everyday Super. These products are part of the Suncorp Master Trust (Fund) (ABN 98 350 952 022, RSE Fund Registration No. R1056655). Please read the relevant Product Disclosure Statement (PDS) before deciding to open an account or continuing to hold an interest. The information in the PDS is of a general nature only and does not constitute financial advice.
Unless otherwise stated, the Trustee and any other company within the Suncorp Group do not guarantee the repayment of capital or the performance of these products.
This product is not a bank deposit or other liability of Suncorp Bank (Suncorp-Metway Limited ABN 66 010 831 722 ) (SML) and is subject to investment risk including possible delays in repayment and loss of the interest and principal invested. SML is not liable or responsible for, and does not guarantee or otherwise support, these products.