Esuperfund SMSF brokers

[The Muffin Man]

Re: Esuperfunds SMSF brokers

I think your missing the point...in that no younger accountant of any type is worth $80-$120 per hour...$30 or $40 an hour maybe...jezzz even a genius account would be struggling to be worth $100 an hour...IMO

That's what you may believe, but there are a countless number of other people that would argue otherwise. It's subjective. In reality, business owners don't have the time to study superannuation legislation and figure out the most tax effective way of using an SMSF vehicle, so they rely on their accountant. What's an accountant worth that can offer expertise and experience in the area? How do you quantify that? If your accountant can advise ways in which tax can be minimised, and ensure your SMSF remains complying, then they can be extremely valuable. Compliance in the area of superannuation can be excessive to say the least.

Purely on the basis of data entry, the cheaper option is probably always going to be a set up like Esuperfund. What I was trying to say above was that there are ways in which you can make the process more efficient with your accountant, and therefore cheaper, and still have access to all the other benefits an accountant offers. An accountant probably shouldn't be used purely as a data entry conduit.

I'd be interested to know whether Esuperfund outsources it's data entry at all? I have no idea, would be interested to know the answer though.

Just as a side note, if a younger accountant is only worth $20-$30 as a charge out rate in your eyes, how much to you think they would actually be paid by their employer?

 

[Sped]

esuperfund any saftey in transactions?

esuperfund any saftey in transactions?

The reason i ask is my partner of two years and i would like to start a smsf through esupersund and have quite large retail funds, however this girl is very nice but not the sharpest tool in the shed, and was wondering if she ever felt the "need" to spend would there be anything to stop her from just transfering money from the fund into her own personal bank account ? is there a way i could protect myself from this as i dont want to rock the boat by telling her i dont trust her and dont get me wrong i 99.9% do, but its too much money to let her have that kind of controll over! am i a bad person?

( sorry to hijack thread my post got moved to another post im not sure why )

 

[stilllearning]

Re: esuperfund any saftey in transactions?

esuperfund any saftey in transactions?

The reason i ask is my partner of two years and i would like to start a smsf through esupersund and have quite large retail funds, however this girl is very nice but not the sharpest tool in the shed, and was wondering if she ever felt the "need" to spend would there be anything to stop her from just transfering money from the fund into her own personal bank account ? is there a way i could protect myself from this as i dont want to rock the boat by telling her i dont trust her and dont get me wrong i 99.9% do, but its too much money to let her have that kind of controll over! am i a bad person?

( sorry to hijack thread my post got moved to another post im not sure why )

To anyone who may know the answer, I would appreciate the answer for this as well

Another question is do e-superfund have the ability to take from your super? By that I mean do they have any access rights to the ANZ V2 account or the commsec trading account? Should one of their employees become fraudulent, can they access my funds without permission?

Yes I know I am not very trusting, but I have learnt to be the hard way...

Appreciate any assistance.

 

[mrsmiffy]

Re: Esuperfunds SMSF brokers

Hi, Esuperfund states that they have no access to your money, only the data. They also outsource the collection of their annual fee so I feel safe. No probs so far, all questions answered quickly, couple of phone calls returned the same day.

 

[Datsun Disguise]

Re: esuperfund any saftey in transactions?

To anyone who may know the answer, I would appreciate the answer for this as well

Another question is do e-superfund have the ability to take from your super? By that I mean do they have any access rights to the ANZ V2 account or the commsec trading account? Should one of their employees become fraudulent, can they access my funds without permission?

Yes I know I am not very trusting, but I have learnt to be the hard way...

Appreciate any assistance.

Hi I've just finished setting my smsf up with esuperfund, in both the case of the V2 and the commsec account I had to call both ANZ and commsec to activate my accounts. So unless you tell esuperfund your passwords the only people who can rip you off are those who work for ANZ and commsec! - hope that makes you feel better!

(not to mention your blunt tool of course - I hope for your sake she isn't an ASFer!!)

 

[myname]

Re: esuperfund any saftey in transactions?

Hi I've just finished setting my smsf up with esuperfund, in both the case of the V2 and the commsec account I had to call both ANZ and commsec to activate my accounts. So unless you tell esuperfund your passwords the only people who can rip you off are those who work for ANZ and commsec! - hope that makes you feel better!

(not to mention your blunt tool of course - I hope for your sake she isn't an ASFer!!)

I am jealous that you were able to trust Esuperfund and open your account .I have the paper work but I cannot bring myself to do it just yet.

 

[Julia]

Re: esuperfund any saftey in transactions?

I am jealous that you were able to trust Esuperfund and open your account .I have the paper work but I cannot bring myself to do it just yet.

Interesting,myname. What are your concerns about opening the account?

 

[myname]

Re: esuperfund any saftey in transactions?

Interesting,myname. What are your concerns about opening the account?

my concerns are that I do not know who is Esuperfund and who runs it. No names are actually given on contact with them etc. They could be from overseas with a small office in Melb. Has any one met any one from Esuperfund or being to their office.

 

[derty]

Re: esuperfund any saftey in transactions?

my concerns are that I do not know who is Esuperfund and who runs it. No names are actually given on contact with them etc. They could be from overseas with a small office in Melb. Has any one met any one from Esuperfund or being to their office.

I have rang and spoken to people in Melbourne, so i guess that proves that there are people there.

Esuperfund do not hold your money, it is contained in your own ANZ V2 account that you administer. It is not a Fund per se. Esuper help you set up the accounts and manage all the end of year taxation.

 

[Julia]

Re: Esuperfunds SMSF brokers

I've never used them, but they have been around for some while. Heard they were owned by Suncorp, but can't find any verification of this.

The following is from the "Eureka Report" and should reassure you that they do genuinely exist and perform their stated purpose.
http://www.eurekareport.com.au/iis/iis.nsf/ak/7UGtA5?opendocument

If you have any doubts get some quotes for the setup fee and annual tax return/audit from a few accountants. You sound as though you might be much more comfortable using someone you can actually sit down and talk with and who can give you some advice where you need it.

Consider the cost as a percentage of what you intend to invest in the SF.
I only pay my accountant around $2000 for the annual tax return and audit, plus all ongoing contacts during the year. For me it's absolutely worth the small amount more than a generic online fund.

 

[myname]

Re: Esuperfunds SMSF brokers

I've never used them, but they have been around for some while. Heard they were owned by Suncorp, but can't find any verification of this.

The following is from the "Eureka Report" and should reassure you that they do genuinely exist and perform their stated purpose.
http://www.eurekareport.com.au/iis/iis.nsf/ak/7UGtA5?opendocument

If you have any doubts get some quotes for the setup fee and annual tax return/audit from a few accountants. You sound as though you might be much more comfortable using someone you can actually sit down and talk with and who can give you some advice where you need it.

Consider the cost as a percentage of what you intend to invest in the SF.
I only pay my accountant around $2000 for the annual tax return and audit, plus all ongoing contacts during the year. For me it's absolutely worth the small amount more than a generic online fund.

Thanks for your info.I like your idea ,but I also like cheap. I am still deciding

 

[myname]

Re: esuperfund any saftey in transactions?

I have rang and spoken to people in Melbourne, so i guess that proves that there are people there.

Esuperfund do not hold your money, it is contained in your own ANZ V2 account that you administer. It is not a Fund per se. Esuper help you set up the accounts and manage all the end of year taxation.

Thanks for the info

 

[DocK]

Re: Esuperfunds SMSF brokers

Sometimes you get what you pay for. The suggestions our accountant has made re our smsf have been worth much more than the amount we could have saved by bypassing them for a service such as esuperfunds. I use MYOB and excel to enter transactions etc and pay approx $1500 pa to accountants for tax return plus $550 pa to auditor. The same accountant does our business and personal returns as well, so don't know if that makes the smsf stuff a little cheaper than if that's all they were doing - probably not

 

[myname]

Re: esuperfund any saftey in transactions?

Hi I've just finished setting my smsf up with esuperfund, in both the case of the V2 and the commsec account I had to call both ANZ and commsec to activate my accounts. So unless you tell esuperfund your passwords the only people who can rip you off are those who work for ANZ and commsec! - hope that makes you feel better!

(not to mention your blunt tool of course - I hope for your sake she isn't an ASFer!!)

How are you going with it?Are you satisfied with the service to date?

 

[Datsun Disguise]

Re: esuperfund any saftey in transactions?

How are you going with it?Are you satisfied with the service to date?

So far so good -although I haven't gone through an audit yet. Probabky too soon to make a jugement, but everything to date has run smoothly.

DocK has got a point, re getting what you pay for - but I am comfortable that I am getting what I pay for with this lot. It is a basic admin, audit and tax service - no pretense of financial advice, I am happy to get that through Morningstar emails (genral advice) - they have a lot of SMSF related info and through a financial advisor for specific advice. I am mainly investing in shares and am looking into direct property investment as well. I don't need someone to tell me when to buy RIO and BHP and sell CBA and CSL so a fee for service advisor suits me fine. Anyway - for me it seems to be working out OK, no complaints to date.

Just to re-state wehat some others have said - you do not hold an account with them and you do not send money through them - your ANZ account is the cash accoutn and you control the money going into or out of it. The comsec account settles directly from the ANZ account. Hope that helps.

 

[awg]

Re: Esuperfunds SMSF brokers

Hi all,

If you can get your tax and audit plus all contact for $2000pa, with your own accountant, that seems quite reasonable. Prices may have fallen somewhat since I set up my SMSF, at which time $3000+ was the going rate.

They also charged $1200+ for fund setup vs Esuper free.

The other question I can venture an opinion, that is I am satified beyond reasonable doubt that your money is "safe", in that Esuper has no capability to interfere with your funds, and does not invest them on your behalf etc etc.

In the unlikely event they went broke, you would be needing a new auditor/SMSF tax preparer.

Your funds are accesable using regular online platforms such as ANZ and Commsec, under the name of your SMSF.

In any case, if there is questions regarding my super that I want a 2nd expert opinion, or have my strategy reviewed, I can consult my my personal accountant, at hourly rates.

In my situation, the difference was almost $3k pa, and compounded over approx 30 yrs, thats a lot. DYOR.

 

[Julia]

Re: esuperfund any saftey in transactions?

no pretense of financial advice, I am happy to get that through Morningstar emails (genral advice) - they have a lot of SMSF related info and through a financial advisor for specific advice.

I am mainly investing in shares and am looking into direct property investment as well. I don't need someone to tell me when to buy RIO and BHP and sell CBA and CSL so a fee for service advisor suits me fine.

If you're happy to make your own investment decisions about when to buy and sell, what would you actually be using an advisor for?

 

[Slipperz]

Re: Esuperfunds SMSF brokers

esuperfund didn't handle my money at all.

They set up the commsec and ANZ account in the name of my fund then I had to rollover fom my existing fund.

Took me a while as they were very cautious about releasing the funds but eventually I got my check which i then deposited into the ANZ account and off I went.

In all honesty it's the best decision I have ever made in my life.

This FY I returned nearly 300%

If I can maintain these sorts of gains I'll be retiring early and trading on my capital for a living in a few years.

And to think 18 months ago I was worrried sick about my financial future after dropping about 20K in the GFC.

I dropped that this week on market and it hasn't really fazed me at all!

Anyway it's not for everyone but in this day age age with all the information we need online and great online brokerages if you have half an idea of how to trade managing your own fund is the way to go imho.

 

[Mr Z]

Re: Esuperfunds SMSF brokers

I had my fund with these guys, they kept swapping things around and in the end when I didn't move to their latest platform (it was pre GFC and I refused to use Mac Bank) they threatened to up my fees quite a bit. Anyway it got to hard and they didn't want the account anymore in the end. Sooooooo I went down the street and talked to my accountant. He does it all now for about 20% lower than these guys and the service is great! In the end eSuper sold my account (after I left them!) to some other outfit and they took over all my ATO contact points.... man was I peed, not even a by your leave, no nothing! I registered a complaint but that has disappeared into the ether! I am still a little confused as to how a tax agent can just say yup I am now xyz's agent then all correspondence goes to them and nobody even checks with you that its kosher! That is a damn hole in the system if I have ever seen one!

So no real complaint with eSuper, its OK as far as it goes but its a sausage factory so don't be expecting too much in the way of service (not that you should really need heaps!). I'd talk to your accountant, you might be surprised, I was Now I really don't know why I didn't go to him first!

 

[derty]

Re: Esuperfunds SMSF brokers

Sooooooo I went down the street and talked to my accountant. He does it all now for about 20% lower than these guys and the service is great!

So your accountant setup your fund and does the tax audit for less then $560/annum? If so that a bloody good deal.