In the Superannuation Voluntary Contribution Request form, Australian employees can request voluntary contributions to their superannuation funds. These contributions can be made pre-tax (as a salary sacrifice) and/or post-tax (as a personal, non-concessional super contribution), depending on the option that the employee selects in the Contribution Type drop-down list. Employees can have one pre-tax contribution and one post-tax contribution at the same time.
Employees can contribute a percentage of their pay or a specific dollar amount that is withheld from each pay cycle.
After the form has been approved and processed, pre-tax contributions are taken from the employee's gross pay. Post-tax deductions come from the employee's net pay after income tax and other pre-tax deductions are applied.
In the Superannuation Contribution 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 are sent to the super fund that they selected in the Superannuation Standard Choice form. The fund’s details are shown in read-only format.
- A different fund: Employees can select this option, then 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. When an employee submits this form and selects The super fund nominated by their employer option, you can set Dayforce to update the super fund according to the employee's effective primary work assignment legal entity. You don’t need to manually reassign the default fund and notify impacted employees. To configure the default superannuation fund based on legal entity when submitting the form, you must set the client property, Override Employer's Default fund assignment rule, to the By legal entity of employees' Primary work location option.
- 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.