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); and
- Control how much of an employee's super is apportioned into each fund by specifying a percentage or a fixed amount.
Please note: If a super fund ABN changes but the USI (Product Code) stays the same you need to add the fund again on the employee's super fund page > search using the new ABN then select the correct USI > then Save. Once correct details are added/saved you then need to delete the original fund with the incorrect ABN. For example, AMP changed the ABN for its products but the USI has stayed the same for some products AMP Flexible Lifetime Super new > ABN: 78421957449 same > USI: AMP0195AU
Adding a Super Fund
To add a super fund, click on 'Add' > 'Choose Super Fund' > the following pop-up 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 the 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 drop down 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; and
- 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 has not provided you with the details of their super fund of choice 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 of 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 set up in your profile.
Note: Unless a business is using Beam, changes to an employee’s super fund will not apply retrospectively in any of the super contribution reports, as this report records what the employee’s super fund was at the time the pay run was finalised. If this is the case, the solution is to (a) manage the consolidation of super contributions into one fund for an employee via your clearing house portal or (b) you'll need to un-finalise any affected pay runs, refresh them, and then finalise again.
If you have any questions or feedback, please let us know via firstname.lastname@example.org.