The following explains the visibility we have on your SMSF cash account with Macquarie.
Understanding Our Role
It is important to let you know that we are accountants, not financial advisers, and our access is limited.
Authority Level: Enquiry Authority
We request that you provide us with "Enquiry Authority" on your accounts. This means:
Access to Information: We can view your account details, such as balances and transaction history. This allows us to efficiently complete your SMSF accounts and tax returns and help ensure your SMSF's compliance.
No Transaction Capability: We are not authorized to withdraw, transfer funds, change account details, or close your accounts. Our access is strictly "read-only."
You can independently verify our access level with Macquarie at any time. This ensures that your funds remain secure and that no unauthorized transactions can occur from our side.
Clarification on Financial Adviser Nomination
When you set up a new Macquarie Cash Management Account, you will be informed of the following:
“You’ve nominated a financial adviser, Kris Kitto, on your account. They'll have access to your account online and will be able to transfer funds between your Accelerator account and your existing Macquarie Cash Management Account. If you've nominated any additional financial services companies or professionals with enquiry authority on your linked CMA, these will be replicated on your Accelerator account”.
Importantly:
We cannot transfer funds out of your Macquarie accounts to any external account;
The ability to transfer funds internally between the Macquarie CMA and Accelerator Account cannot be modified or removed;
There are no circumstances where Grow SMSF would need to transfer funds between your accounts;
As accountants handling of client monies is outside the scope of our engagement and is not covered under our Professional Indemnity Insurance.
For further questions or to discuss your account access, please contact us directly.