In the Superannuation Voluntary Contribution form, Australian employees can request voluntary contributions to their superannuation funds as a salary sacrifice. Employees can enter either a percentage of their pay or a specific dollar amount to be withheld from each pay cycle. After the form has been approved and processed, the deductions come from the employee’s gross pay.
In the Choice of Superannuation (super) Fund section, they can select one of the following options:
- The super fund already nominated for my superannuation standard choice: With this option selected, the contributions will be sent to the super fund that they chose on the Superannuation Standard Choice form. The fund’s details will be shown in read-only format.
- A different fund: Employees can select this to choose one of the following:
- The super fund nominated by my employer: With this option selected, employees select the Declaration checkbox and then submit the form.
- The super fund nominated by me: With this option selected, the employee can use the Fund ABN field to search for a fund by its Australian Business Number (ABN). Details are automatically populated in the form based on the Super Fund Lookup web service provided by the Australian Government, and users can then enter their own account details. The fields shown depend on the type of fund.
- If the fund is a retirement savings account (RSA) or a self-managed super fund (SMSF), the employee must also attach a letter from the fund stating that they are a complying fund and that they will accept these contributions.
- If the fund entered in the form isn’t already recorded in Payroll Setup > Third Party Payees, first it must be approved by the employee’s manager, and then Dayforce automatically adds a new payee record for it.
If the fund entered in the form isn’t already recorded in Payroll Setup > Third Party Payees, first it must be approved by the employee’s manager, and then Dayforce automatically adds a new payee record for it.