cash % return account, page-15

From my experience
Check with your accountant on exact account names required and also with the bank or credit union. I have a picky accountant who is straight as a die and we have had trouble setting some of them up in a suitable exact account name with correct tax file number. The banks system wont accept it and some accounts the banks don't want per money in . They tried to explain some lame reason.

If the names don't line up it may not 100% comply and the penalty can be huge. With all the ATO electronic reporting a lot of people are getting caught out. Penalty can be 48% of capital- yep you read that right - % of capital . That is a big ouch and here is plenty of sloppy accountants and auditors with super.

Once you have them set up don't allow them to close the pain of setup is hard work.

We have spare cash in 90 + 180 bills rolling over regularly but it was a struggle to get some bans to accept account names and we have to keep moving the money to get decent rates as they all like new money but give lesser rates to existing unless you ask every time at rollover. They have different rates for different grades of clients and keep trying to put super accounts at lower rates - scumbags.

We have some bankwest, Credit union and main bank deposits and bills

I am still unclear if the guarantee is per account?