The following is an overview of the common SMSF limited recourse loan products and whether they provide a data feed of transactions and balances.
- AMP Banking - Client level authority form required
- ANZ - Client level authority form required
- Bank of Melbourne - No Feed - Statements required
- Bank of Queensland - Client level authority form required
- Bank SA - Client level authority form required
- BCU (Banana Coast Credit Union) - yes* - Client level authority form required [Statement showing 30 June balance also required each year]
- CBA - Client level authority form required
- Hume Bank Limited - Client level authority form required
- La Trobe - No Feed - Statements required - Third party access available. Download form.
- Liberty Financial - No Feed - Statements required - Third party access available. Download form.
- Macquarie - No Feed - Statements required
- NAB - Client level authority form required
- St George** - Client level authority form required
- Westpac - Activation required via Westpac Online Banking - More information here
*Via third party data provider. Transactions uploaded monthly rather than daily.
**Excludes BSBs ending in “911”.
Statements Needed
Even where a transaction data feed is available, typically at least one official SMSF loan account statement will be required in the following situations:
- New loan – the first statement (for transactions prior to commencement of the data feed and to confirm the account name)
- Annual requirement – 30 June statement (to confirm the loan balance at 30 June)
- No data feed
Please note that an internet banking transaction report is not sufficient for audit purposes. An ‘official’ (including PDF) statement from the bank or lender provides further information including the name of the account and sometimes the specific loan product.