Setting up a Self-Managed Super Fund (SMSF) and assigning it to an employee in Xero is easy to do.
In this video tutorial, you will learn how to add an SMSF and assign it to an employee in Xero’s Australian Demo Company.
To add a self-managed superannuation fund, first go to the Superannuation tab of the payroll settings area:
- Go to Settings → Payroll in the main menu.
- Click on the Superannuation tab.
In Xero’s demo company, you should see a few super funds that have already been set up. In the exercise, we will add an SMSF to the list. To get started, click on Add Superannuation Fund on the right-hand side of your screen.
A pop-up box will appear allowing you to enter the details of the SMSF. For this tutorial, we will enter the following information:
- Type: choose Self Managed Superannuation Fund.
- Name: type in John and Joan Super Fund.
- ABN: type in a valid ABN such as 12 345 678 900.
- Electronic Service Address Alias: type in AUSTPOST.
- Employer Number: leave this blank.
- BSB: type in 123 456.
- Account Number: type in 123456789.
- Account Name: type in John and Joan Super Fund.
Click on the Add button when finished. You should now see the John and Joan Super Fund in the list of Superannuation funds.
That’s all you need to do to set up a self-managed super fund in Xero payroll.
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