54 questions from our users
Do the brokers/trading platforms esuperfund use enable trading in cryptocurrency? If not can I use my own crypto trading apps/platforms and how hard will that make the admin/auditing process for eofy?
Australian based cryptocurrency exchanges are supported. You can get much more information on supported investments on their site at: https://www.esuperfund.com.au/learn/learning-modules/learning-modules
What is your (eSuperfund) contact phone number so that I can discuss some questions before I complete my online application ?
They don't do anything over the phone any more; all contact is via the secure email on their site. It sounds strange but it works; everything gets answered quickly. Also, each time they answer a question, along with the answer you also get a nudge to the information and/or function on the platform so you'll know how to do it yourself next time. My experience was that after setup and the first tax return there is rarely any reason for contact. But if you're the kind of person who needs regular contact with their accountant for example, then this is probably not the system for you. If it sounds as if I have a connection with them I promise you I don't - I'm just a happy customer - and the kind of person who always prefers the self serve aisle in a supermarket.
I agree with MattPP
problem is I would like to get more of a rundown on the platform itself and the extent of transactional data entry I will be expected to do as trustee versus what integrates from brokers and bank transactions, then secondly does the platform offer full historic views of the SMSF performance and is that as up to date as daily, weekly, monthly , quarterly of just from one EOFY to the current / next one, thirdly - I have used Sharesight in the past integrated from CMC and it keeps a pretty good handle on cumulative profits and tax basis LIFO / FIFO etc etc, is there anything at that level of detail and current ytd performance to aide with decisions as to maybe take a loss and offset to move into something with better prospects for example a bit of a what if tool kind of
can i transfer money from another super fund into my anz account attached to superfund
Once your SMSF has been established you will be able to transfer your existing super benefits to your new SMSF. For more information regarding Rollover, please visit our website: https://www.esuperfund.com.au/learn/rollovers/rollovers
Mark at eSuperfund can answer this question for you via their email portal. Having said this if your ANZ account is your eSuperfund transaction account then yes you can transfer funds from your other superannuation account o your eSuperfund account.
But you will need a Roll Over Benefits statement from the other superannuation account which you will need to lodge with eSuperfund - as this is what is use to determine the concessional and non concessional portions of your other super and also to enable and accurate assessment of your superannuation to ensure you are not going over any limits such as the $1.6M balance cap. You will also need to raise a TBAR in eSuperfund to let the tax department know that you have transferred superannuation funds from one place to an other. If you don't do this the tax office will not know of the transfer and will think you have increased your superannuation balance by double what you have transferred.
I hope this makes sense. I am not a superannuation professional so I would suggest you confirm this with eSuperfund.
Has anyone found issues with using a different broker/trading platform to the one provided by ESUPERFUND?
Do they offer any free brokerage arrangements?
Just how easy do they make the audit process?
Can I change from Comsec to Ord Minnett with ESUPERFUND?
Richard, If you mean can you use Ord Minnett instead of Comsec for share trading.
From Esuper site: "Clients of ESUPERFUND are permitted to use any Broker" but I not sure why you would.
Getting all your trading data/Dividends to and from Esuper to Ord Minnett, for compliance, would be very time consuming!
Esuper/Comsec only charge $30 per trade (ie 0.3% on a $10K trade).
Personally I mainly buy LIC's on ASX with low management cost - eg: ASX:AFI, management fees of 0.13% or ASX:DUI (0.15%) which have some international exposure. Do not take this as financial advice as I do not know your position but Esuper is a DIY, no advice model.
Dave. I understand what you are getting at. However, recommendations from the person I have been dealing at Ord Minnett in Sydney have been spot on in the last 12 months during the time I I have been an unofficial client. Ord Minnett also have access to IPOs that ComSec don’t. I am awaiting to see if ESUPERFUND systems automatically populate trades and dividends. My strategy is based on 1.Capital preservation. 2. Income, and 3. modest capital growth. There is a high probability of a world recession with interest rates at an all time low, the USD at an all time high and a rush to Bonds. I realise that Ord Minnett charge higher brokerage than ComSec however 75% of my SMSF assets are in accumulation phase because of the $1.6 million cap so brokerage is partially tax deductible. Thanks for your helpful comments. Richard
Hi Richard. Good to see that your Ords broker is giving you some good recommendations, although your question is from pre-COVID market times, so not sure how this will impact you.
If you read the esuperfund reviews, take them with a grain of salt - most of the recent 5 star reviews are from newly created accounts with one or two reviews only - not linked to a real human (Facey or Google profile etc). Hmmmm.
People seem to make a big thing out of trades and dividents automatically feeding to the accounting / admin system with esuperfund. Really? It's 2020, that technology has been around for at least a decade and the software used by my provider has feeds from a few hundred brokers - including Ord Minnett.
It is possible to run an Ords broking account side by side with any other brokerage account you want - for example if the broker looks after part of your porfolio and you trade on another.
Why don't you have contact number for someone to talk with any human?
Correct. Your criticism is valid. EVERYTHING has to go through their web site which is very good but obviously lacks the human touch. They didn't used to be like that and I got reprimanded for using a direct email contact to my Manager and not using the web portal. Perhaps that is how they help contain costs but that whole attitude really needs a make over. I seriously considered dropping them any moving elsewhere just over their attitude to customer service.
I am a E super member over 10 years there web site is self explanatory of what is required, the fund is basically you do it all of where you wish to invest and at the end of the year that do all the paper work as per ATO requirements and ask a few question before they submit your papers on your behalf, is there something specific you wish to know.
Esuperfund works OK, for some people SOME of the time.
SMSFs are personalised vehicles - each person is different. Most people want the ability to speak to a human and get personalised service at some point.
It scares me people who have only known esuperfund and haven't compared it to another provider who will likely cost more, but will provide more, take all the compliance work 'heavy lifting' off you and provide support and advice that can sometimes massively improve your situation.
As they say 'you don't know what you don't know', but with esuperfund it's a case of you 'don't know unless they've put a generic answer on their website'
Best to think of esuperfund as an online accounting solution for SMSFs with a lodgement and audit service attached.
Definitely not a in the same league as a professional SMSF provider, but obviously cheaper than most (they derive revenue is other ways - read their PDS) so it's up for each person or potential customers to be informed and understand the esuperfund value proposition.
I am not able to login and no matter if i update my login details they dont work. Can I please just talk or email someone?
Lol - give them a call if you can find the phone number....
Why do you have preferred providers??
Do you get commission from them?
What fees are involved if you don't use them?
Oh. Just found out you do get a commission from them.
to be a little bit fair here, I think because they have invested in their process automation based upon integrated data feeds from broker services and as in any businesses standardising in a few of them streamlines your own business. the brokerage rates via CMC or Commsec are reasonable and those two platforms do infact have some of the best functionality (eg conditional orders) that other cheaper platforms dont
To be unfair. Esuperfund have arrangements with these providers that give them a "kick back" for getting your business.
This includes only being able to use certain bank acounts that Esuperfund get a peice of action.
That's not a true SMFS as you are penalised if you want complete control to use other providers.
Their rules on buying precious mentals is a good example.
The brokerage you pay to Commsec is exactly the same whether you are a personal client or via Esuperfund. The "kick back" Esuperfund receives comes from Commsec's pocket, not mine. Commsec do it to buy the extra traffic. Esuperfund uses the money to subsidise the administration cost. How do you think they could do all this for $999 pa?
Why is there no phone number listed so that I can talk to a human?
If you are a client of ESUPERFUND, you may send us a query requesting for a callback via the Inbox in your ESUPERFUND Portal (https://clientportal3.esuperfund.com.au/Login?returnUrl=%2fClientInbox%2fIndex).
If you are a prospective client of ESUPERFUND, you may contact us via our Contact Us page (https://www.esuperfund.com.au/why-us/contact-us). Please go to the "Help Centre" section, select "Prospective Client of ESUPERFUND" and request for a callback.
I have emailed 20 times about my application submitted, money charged and not yet complete. I have received email, by automated system, to make amendment but when I click on the link the field which needs to be amended is greyed out. No one is responding and money is already deducted. What kind of on-boarding is this where there is no one to help resolve problem of your own system?
We are leaving after being with them several years. Customer complaints are not dealt with properly or efficiently. Cannot have current up to date info on your own Super accounts incorrect for months.
I urgently need to contact eSuper regarding a fund that was managed for me by my Father who is very ill and returns have not been lodged. Is there ANY away to contact them???? I don’t know account details. Please help!!!
Hi Lynne, Yes this is a problem for them, they do not have a contact number, if you would like to email me your details I can go into my portal on your behalf and ask them to call you. firstname.lastname@example.org
Hi Lynne, You may contact us via our Contact Us page (https://www.esuperfund.com.au/why-us/contact-us). Please go to the "Help Centre" section, select "Prospective Client of ESUPERFUND" - "Other" and specify your query.
This is an old thread, but I hope someone from eSuperfund watching this. I'm logging my application and send a query via my eSuperfund accoun, it has been 2 days with no answer, should I trust them with my investment?
I am sending emails to esuperfund. No respond.
I want to know we are about 15 people brought a property worth 1.5millons. Out of 15 people few are investing money from savings and topping up mortgage. Few are investing from there own self managed fund. If I establish SMSF from esuperfund, doese esuperfund allows me to invest on above said vacant land.
Krish I sincerely hope you obtained some good legal and tax advice regarding such a purchase!
Curious whether you eventually got personalised response?
hi, i understand that its a low cost model and all inquiries should go through the Client portal - However I dont have my logon details and the "reset your password option" I dont have the appropriate information to complete :-(
Ive sent several emails to "info" but no response as yet.
Help me matt... you are my only hope... :-)
Hi Brendon I understand your frustration, they do not have a contact Number as far as I can tell. If you are willing to give me your mobile number I am willing to send them a message via my portal and tell them your predicament and ask them to call you. Regards Jane
Ah Jane - you are a kind soul.
Every think of charging a small fee for your service? I think you would get a lot of business!
Is there a phone number they will actually answer? I am an existing client who needs to speak to someone personally and not via their internet system.
I am wanting to roll over my funds to esuper, can you tell what makes you different to the rest.
Hello. I have set up a new ESuper fund and was all ready to invest a portion of my super in Cryptocurrencies. I have just seen that ESuper do not allow this. Is there anyway to get around this? I believe it has to do with the complexity of reporting transactions in different currencies. Could I have someone else prepare the details and provide to Esuper for auditing? Please, surely there is a way around this? Please, anyone feel free to PM me with any info...
I don’t think you will have much luck. ESuperfund is very strict about what they will and won’t allow. That’s the basis of their low cost business model.
I am thinking of transferring to an SMSF (currently in std super fund) and whilst, I believe that, I can purchase investment properties with a SMSF - can I transfer my CURRENT investment properties to the fund - if "yes" how hard is this?
You need professional advice for that question.
I can tell you that we have an investment property owned by our smsf. Managing it via ESUPERFUND is no special hassle. They do actuarial certificates when required at very low cost. They require a valuation each year, so I just do it as a meeting minute, claiming an actual value and supporting it with examples of local sales. Otherwise just the normal documentation - copy of lease, rental income statement, expense receipts etc to be uploaded each year via their web portal. The property is fully owned, might be different if under finance.
The following is just my understanding and you should consult a specialist to discuss the following issues:
1) If the existing investment property is outside of your 'standard superfund' and held in a private capacity, then it would need to be valued and then transferred in to your super fund, probably as an 'undeducted contribution'.
2) The value transferred in would need to be below the 'ATO's 3 year bring forward rules' for super contributions. Additionally, the transfer would trigger a capital gains event in your personal capacity (since the transfer triggers a change of ownership from you to your SMSF). This could have a serious negative impact on your tax bill!
3) If the property is financed then the finance and ownership would most likely need to be 'redone' so that the SMSF is the registered owner.
Further complicating this is the fact that many banks have restricted lending for property purchases to SMSFs due to the fact that SMSFs can only take on limited recourse loans (ie no further claims by the bank (upon default) beyond taking back the property).
This answer comes from the link below ...
You cannot transfer residential property into your SMSF from a related party. You can only transfer Business Real Property (that is commercial or industrial property) into a SMSF from a related party.
You can buy new residential property inside your SMSF, and you can also borrow within the fund (using a non-recourse loan) to help you buy it, or you could buy it as tenants-in-common with your SMSF (that is you own say 50% in your own name and 50% under the SMSF).
In jan 2018 my wife and i retired and we are now drawing a pension from our smsf. Our fund is well below the $1.6m cap yet i discovered recently that 30% of my portion is still in accumulation phase & 25% for my wife. I learned this when some shares were sold to generate cash and there was some CGT as a result.So i have 2 questions.
1. What determines the proportion that goes into retirement phase vs accumulation phase and can i put it all in retirement phase to avoid CGT in future transactions.
2. What determines my wife and i having slightly different %s in each phase
You can have 100% of your funds in pension mode, as long as your individual pension funds are less than $1.6m. Keep in mind that the pension fund is set at the start of the year. If you contribute new funds after the pension starts it goes into the accumulation fund. You can't change the pension fund once it has started - you can only close it and start a new one. For example, if you start the FY with $1m and then contribute another $200k a few months later you will have $1m in your pension fund and $200k in your accumulation fund. If you want, you can close the pension fund and start a new one with $1.2m, or leave it till the start of the new FY when that will happen automatically.
When you have these kinds of questions just send them an email. They're very good with answers but it must be by email.
After l become a member of esuperfund can l transfer my share portfolio across?
Hi Neil, Members of an SMSF can make contributions of assets (e.g. ASX Listed Securities) directly into the SMSF. For more information please visit our website regarding In-Specie Transfers: https://www.esuperfund.com.au/learn/contributions-to-smsf/inspecie
how do find performance rates?
Other SMSF / Small Funds
See all SMSF / Small Funds ›
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.