M‑Powered Superannuation > Setting up MYOB M-Powered Superannuation > Setting up Superannuation funds
To be able to pay superannuation using M-Powered Superannuation, you need to create a list of the superannuation funds that you will pay.
The Choice of superannuation fund legislation, introduced on 1 July 2005, gives employees the right to choose which superannuation fund will receive their employer superannuation guarantee contributions.
As an employer, you need to provide eligible employees with a Standard choice form, so they can nominate their preferred superannuation fund. You can print a Standard choice form using your software.
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Enter the name of the superannuation fund in the Superannuation Fund Name field and press Tab. New fields appear in the lower part of the window.
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The name of the superannuation fund you specify in the Superannuation Fund Name field is for your own reference and, therefore, can be just a shortened version of the fund’s name, or it could denote a group of your employees using this same fund (for example, Zurich Superannuation—Warehouse Staff).
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Enter the superannuation fund membership number in the Employer Membership # field. This is a unique employer identification number provided by the superannuation fund.
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Select the Pay using MYOB M‑Powered Superannuation preference. The Superannuation Fund to Pay field appears.
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note : You cannot pay self-managed superannuation funds (SMSFs) using M-Powered Superannuation
If your employee has a SMSF, do not select the Pay using MYOB M‑Powered Superannuation option. You will need to process their fund payments separately. For more information, see Self-managed superannuation funds.
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Click the search icon next to the Superannuation Fund to Pay field. The Select from List window appears. This list contains the names of fund products.
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There may be quite a few similarly named superannuation products provided by a superannuation fund. If you do not select the correct superannuation fund product, this may cause delays in processing your payments. If you are unsure of your employee’s exact fund product, contact their superannuation fund.
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Select a product and click Use Fund. The Edit Superannuation Fund window reappears, containing superannuation fund product details.
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The superannuation fund you created now appears in the list as an MYOB M-Powered Superannuation fund.
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Repeat from Step 2 for each superannuation fund you need to set up.
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