Vas in commsec and self wealth

Discussion in 'Share Investing Strategies, Theories & Education' started by pippen, 4th Apr, 2021.

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  1. pippen

    pippen Well-Known Member

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    Hi all, just a quick one. Was chatting to a work colleague and he mentioned being with commsec and holds VAS. Recently opened a self wealth account and has 2 HIN numbers now with both commsec and self wealth, is he able to buy vas in both accounts?? Is he able to transfer just his vas holdings from commsec to self wealth and leave his other holdings in commsec???

    Cheers.
     
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  2. SatayKing

    SatayKing Well-Known Member

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    Why?

    People. Always able to make the simple complicated.
     
  3. pippen

    pippen Well-Known Member

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    Don't ask me!! Knows that I like investing and asked me!!!!!

    Probably to save on brokerage perhaps????
     
    Last edited: 4th Apr, 2021
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  4. monk

    monk Well-Known Member

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    Likely a lot of paperwork to prove your the same person to affect the transfer,much,much simpler to just sell in commsec & buy in selfwealth.
     
  5. SatayKing

    SatayKing Well-Known Member

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    LOL. Bet if there is any capital gain ..... but, but how can I avoid paying CGT?

    Tch, tch. You missed an opportunity there to develop the skin of callous indifference to the self-inflicted plight of others. :)

    Nah, not really.
     
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  6. twisted strategies

    twisted strategies Well-Known Member

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    i can't speak specifically about Commec into Selfwealth

    but generally YES for a price , it USED to be $55 a transfer ( i believe that is a CHESS fee ) PER HOLDING transferred

    it MIGHT be cheaper to sell and then buy a similar amount via Selfwealth ( depending on the timing )

    but to be certain i would contact Commsec , things might have changed since 2011 when i transferred shares last

    cheers
     
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  7. monk

    monk Well-Known Member

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    Yep, that can be a problem if there's no losses to balance against.
     
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  8. pippen

    pippen Well-Known Member

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    I think his intention is to keep rest of his holdings in commsec and just transfer vas over and buy every month at 9.50 per trade via self wealth instead of 20 bucks with commsec.

    Was wondering myself if he just kept both accounts leave commsec as is and just buy in self wealth from now on???

    I know its only 10 bucks difference but in his mind 10 bucks a month over say 10 years adds up I suppose!
     
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  9. monk

    monk Well-Known Member

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    Fortunately, it's his problem ;)
     
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  10. SatayKing

    SatayKing Well-Known Member

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    You can try it but to save you the trouble as the milk of human kindness flows through my veins, it is around $5,500 @ 8%.

    Compound Interest Calculator | Investor.gov
     
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  11. SatayKing

    SatayKing Well-Known Member

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    That's over 20 years. You do the maths for 10. :D
     
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  12. twisted strategies

    twisted strategies Well-Known Member

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    now this is only just me but i would just buy NEW VAS in the preferred portfolio

    Commsec charges you nothing to keep the existing VAS in the holding ( maybe the big decision would then be whether to DRP the VAS holding or take the divs in cash

    a THIRD option is to buy VAS direct from Vanguard ( now i prefer to buy via a broker but then i only buy if i feel like it )

    i have my own quirks so all i can do is give sensible options that i know of .
     
  13. Ruby Tuesday

    Ruby Tuesday Well-Known Member

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    Makes even less sense using Self wealth if they just wanted to save brokerage, why not use Superhero and make twice the saving and pay $0 instead of $20 or $ 9.50.
     
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  14. MB18

    MB18 Well-Known Member

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    Shouldn't be a problem. CMC at least have an online form to fill out to transfer CHESS holdings over from another broker. I assume the others would be the same.

    Needs a couple of forms of ID, and no mention of a fee that I noticed glossing over it.
     
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  15. twisted strategies

    twisted strategies Well-Known Member

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    if the fee is from CHESS ( ASX ) i suspect the transfer fee is unavoidable if transferring the holding , but then the fee MIGHT be trivial compared to the benefits sought out
     
  16. inspiredbyprop

    inspiredbyprop Well-Known Member

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    Ok what about holding the same LIC in 2 separate brokerage accounts, can you do 2 x SPP when it's on offer?
     
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  17. qak

    qak Well-Known Member

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    Yes, each HIN will receive the offer separately.
     
  18. SatayKing

    SatayKing Well-Known Member

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    Ensuring you are not in breach of this - the contents of which will be, or should be, in the offer documents. Read it carefully as what you think you read may not necessarily apply. They have ways and means you understand.

    https://download.asic.gov.au/media/5253429/rg125-published-30-august-2019.pdf
     
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  19. nofriends

    nofriends Well-Known Member

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    @pippen
    Your mate would need to search selfwealth website for a "broker to broker transfer form", fill it out and follow instructions or contact selfwealth to get it actioned.

    If the transfer is between the same holding entity, (let's assume individual shareholder to individual shareholder) then there should be no fees attached. Should take couple of days after which his VAS should be gone from commsec and appear in the new account and he just needs to update the cost. Good idea to save or export the transaction history at the old commsec account prior to this.

    If the transfer is between different entities ie individual account to an account in joint names or family trust etc then it would be classed as an off-market transfer and there would be a one-off flat fee for this. A quick google search shows "Off Market Transfers do attract a fee of $27.50 per holding."

    is he able to buy vas in both accounts??
    yes

    Is he able to transfer just his vas holdings from commsec to self wealth and leave his other holdings in commsec???
    yes
     
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  20. pippen

    pippen Well-Known Member

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    Cheers for that, I have informed him and now it's up up him to do the research now! Many thanks @nofriends
     
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