SMSF Macquarie CMA
When you set up your new SMSF with Stake, we also get your brokerage account set up so your SMSF can invest directly in the US markets.
To make life easier, when an SMSF wants to invest via Stake, we set a Cash Management Account (CMA) provided by Macquarie Bank. We link this account to your Stake brokerage account to see the AUD balance via your Stake account. You can also make transfers between your brokerage account and your Macquarie CMA inside the Stake app.
Every SMSF needs an Australian bank account to receive employer contributions and transfers from your existing super fund. This new CMA is your new SMSF’s bank account and the workhorse when making investments in the name of your SMSF.
What is a Macquarie CMA?
The Macquarie CMA acts as the “hub” of your SMSF. It’s the most widely used bank account by SMSFs in Australia.
In terms of fees, opening a Macquarie CMA is free to open, and there are no monthly account fees or fees for making online payments. There are some fees for unusual requests like bank cheques etc.
The Macquarie CMA also earns your SMSF interest when your balance is over a certain amount.
To learn more and get into all the nuts and bolts of the Macquarie CMA, visit their product page here: Macquarie Cash Management Account
Activating your Macquarie CMA
When you set up your SMSF with Stake, we’ll set up the SMSF Stake trading account (for US shares) and submit the Macquarie CMA application on your behalf.
We submit these applications after the ATO updates the status of your new SMSF to ‘Registered’ on Super Fund Lookup. As soon as we apply, we receive confirmation of your Macquarie CMA account number.
It usually takes Macquarie 2-3 business days to activate your account; however, your SMSF is fully operational before this activation and can receive deposits from your existing superannuation fund or your employer before activation. When the account is activated, you can make withdrawals and transfers.
Upon activation, Macquarie will send you an email with instructions on setting up your login for Macquarie Online.
Managing AUD with your CMA
The Macquarie CMA is integrated with the Stake app. You can see your SMSFs up to date AUD balance within Stake and transfer funds to USD. When you withdrawal USD to AUD, this will also happen via the Macquarie CMA.
You’ll also get a login to Macquarie Online so you can manage your SMSF bank account outside of Stake. Through Macquarie Online, you can reimburse the SMSF setup fee you paid personally, as well as making any payments to the ATO and ASIC.
Administration, Compliance and your CMA
As we’ve integrated with Macquarie (through technology), we’re able to ensure that we can do all the relevant accounting and auditing, so your SMSF remains compliant. The Macquarie CMA feeds directly into our SMSF administration platform and makes it easy for our independent audit partners to verify transactions and balances. You don’t need to send us bank statements!
As we’re always looking for the best solutions for customers, we may end up building or partnering with other providers for your SMSF cash account.
If Stake decides to use a different service for your cash account, it will be a simple transition which we will manage. We’ll keep you updated well before anything changes.