Payday Super for SMSF

Question

How do you delete a SMSF or even edit?

I have entered the wrong ESA?

Isaiah_C · Answer

Hi @MC_AFCG,

That usually happens because the original SMSF record is still there, and once an SMSF has been saved, the ESA on that record can’t be edited. What you’ll want to do instead is create a new SMSF with the correct ESA, then move the employee over to that new fund. If you get the message that the fund name already exists, try using a slightly different name when saving it, like adding a number or letter at the end. You don’t need to delete the old SMSF record. Just make sure it’s no longer linked to any employees and use the new one going forward.

Regards,

Sai

MC_AFCG · Answer

Hi Genreve,

But when I tried to create a new SMSF, it says that name already existed. I can't delete the old one, how do I proceed?

Genreve_S · Answer

Hi @FWAAmanda,

You’re right, once an SMSF is saved, you can’t edit the ESA on that record. If the ESA is wrong, the fix is to stop using that SMSF and set up a new one.

To fix it:

* Create a new SMSF with the correct ESA* Go to your super fund list (Superannuation funds).
* Click New / Create super fund.
* Choose a self-managed super fund (SMSF).
* Enter the SMSF ABN (name will fill in), then enter the correct ESA, BSB, and account number.
* Save.

* Move the employee to the new SMSF* Open the employee.
* Go to their superannuation details.
* Change the fund to the new SMSF you just created.
* Save.

You don’t need to delete the old SMSF; just make sure no employees are linked to it and only use the new one going forward.

More detail on SMSFs is here if you need it:
 https://www.myob.com/au/support/myob-business/payroll/superannuation/set-up-superannuation-funds

Regards,
Genreve