Trustees are free to use any bank or broker of their choice when opening bank and share trading accounts. Always remember to have the account name in the name of the SMSF.
Using the Macquarie Cash Management Account and the linked broker account may be a good option as this is tailor-made for SMSF’s (your choice to use is, though). You can now link your Macquarie Cash Management Account (CMA) with Macquarie’s Online Trading. This is an online trading platform to buy and sell Australian shares.
Macquarie Online Trading allows your Fund to trade Australian equities and ETFs from your computer, mobile or tablet. When you trade, the Online Trading is linked to your Fund’s Macquarie CMA. The brokerage fees is charged at the greater of $19.95 or 0.12% of the trade value. Trustees that prefer to speak to a broker can do so, but there is an extra fee involved.
Benefits of Online Trading:
For more guidance on shares and related investments using your SMSF, see our share investment page.