To update an employee's superannuation details, you need to open the employee file and then click on "Super Funds" (listed under "Pay Run Settings" on the left navigation menu).
From here, you can:
- Add one or more super funds;
- Delete an existing super fund (only if more than fund is listed);
- Control how much of an employee's super is apportioned into each fund by specifying a percentage or a fixed amount.
Adding a Super Fund
To add a super fund, click on "Add", then "Choose Super Fund" where the following popup will appear:
Regulated: Regulated funds are complying super funds regulated by the ATO or APRA, such as your more popular industry funds. If the employee is an existing member of a regulated super fund, enter the super fund name (or ABN of fund or USI of fund) and click on "Search". A list of results will appear. Click on the correct fund:
You will then be prompted to enter the employee's super member number. By default, 100% of the employee's super contributions will be paid into this fund. You can however add more than one super fund and configure what portion is to be allocated to each fund. To do this click on "The entire balance" to access the dropdown list of other options. Select the applicable option, enter the number and then click on "Save".
Self Managed: Self managed funds are super funds where the members are usually also the trustees. This means that members of a self managed fund run it for their benefit and are responsible for complying with applicable super and tax laws. If your employee is a member of a self managed super fund, click on the "Self Managed" tab and complete the details of the fund. Please note:
- The only fields that are NOT compulsory are "Fund Email" and "External Id";
- If the other fields are not completed, you will be unable to save the details;
- Further details on the requirements of having an ESA can be found here.
Employer Nominated Fund: This option will appear if your business has added their default super fund details. Instructions on how to do this, can be found here. If the employee does not have a super fund or prefers to use the employer's default fund, click on the "Employer Nominated Fund" tab. A list of one or more funds will appear (depending on how many default funds have been set up). Select the one the employee prefers and then click on "OK":
You will notice that the member number field is blank. This is OK as the employee is a new member to the fund and obviously won't have a member number yet. You can update this field once the member number is known. If you are registered with Beam to automate your super payments, the member number will automatically update once you have successfully lodged your super batch and the super fund has created a member number for the employee.
Deleting a Super Fund
In order to delete super fund details, you simply click on the 'x' icon that will appear when you hover your mouse on that super entry:
You will only be given the option to delete a super fund if you have more than one super fund setup in your profile.
If you have any questions or feedback, please let us know via firstname.lastname@example.org.