Benefits of using a cash management account for self managed super funds


When you set-up a self managed super fund (SMSF), you will need to open a cash account in your fund's name so that you can accept contributions and rollovers of super benefits. This account is generally meant to be kept separate from the fund members' individual accounts and their employers' accounts where relevant.

Aside from being the source account for your fund's investments and superannuation, the account will also be where you draw money from for the costs of running the fund and eventually where you can draw down any pension payments once you are in pension phase.

Creating a cash hub with a Macquarie Cash Management Account

If you've set-up an SMSF, it's likely that you'll be managing multiple cash streams such as superannuation contributions, dividends, income, profits and distributions.

A Macquarie Cash Management Account (CMA) is well suited for the management of super funds because it acts as a central source for the movement of money in and out of the multiple cash streams. That's why 1 in 3 SMSFs1 use a Macquarie CMA as their cash hub. The upside of having a central cash hub is that you won't need to spend as much time tracking transactions between different accounts, allowing you more time to focus on the investment strategy.

Secure a low fee cash account for your super fund

Many SMSF investors include cash savings among their super fund assets because of the tangible sense of control it provides. Cash management accounts can provide you with a competitive interest rate on your cash balance. An account without opening fees and ongoing monthly fees can also help with the cost efficiency of your SMSF.

Get clear account reporting

Look into the account's reporting options. Clear, detailed reports will make the accounting and auditing of your fund easier at the end of each financial year. Speak to a financial services professional to see if a cash management account would suit you.

To find out more about the options available to you, call 13 62 00 to speak with a Macquarie specialist.

A cash management account is well suited for the management of SMSFs because it acts as a central source for the movement of money in and out of the multiple cash streams.

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Additional information

Macquarie Bank Limited ABN 46 008 583 542 AFSL & Australian Credit Licence 237502 (MBL). This information does not take into account your objectives, financial situation or needs. Before making any financial investment decision or a decision about whether to acquire any product mentioned on this page, a person should obtain and review the terms and conditions relating to that product and also seek independent financial, legal and taxation advice.

The Macquarie Cash Management Account is a deposit account provided by Macquarie Bank Limited ABN 46 008 583 542. Fees and charges may be payable. Terms and conditions are available upon request.

 

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Source: Macquarie Bank Limited data, ATO Self Managed Super Fund Statistical Report.