Conditions for Wage Sacrificing. 3.2.3.1. An allowable wage sacrifice benefit can only be provided where: • the parties agree to sacrifice a future wage or salary payment that the employee has not earned an entitlement to receive at the time of the agreement; • the benefit is a wage sacrifice benefit that is an allowable benefit in accordance with clause 3.2.2.1; • the employee submits to the Employer the documentation required in clause 3.2.4.1, which is approved and accepted by the Employer; • the deduction is not contrary to the law.
3.2.3.2. Any amount of superannuation contributions that the Employer will agree to pay for the benefit of the employee under this Part in any financial year, when added to any other superannuation contributions that the Employer expects to make on behalf of the employee in the same financial year, cannot exceed the Age Based Deductible Limits in accordance with the Federal taxation legislation applying from time to time.
3.2.3.3. Where an employee who is a member of a defined benefit section of the Amcor Superannuation Fund elects to wage sacrifice the employee’s (non-voluntary) contributions which impact on the benefit accrual rate, those contributions will be increased for the effect of the 15% contributions tax (for example: 5% after-tax contribution or 5.88% wage sacrifice contribution). All other wage sacrifice member (voluntary) contributions will have the 15% contributions tax deducted by the fund before they are credited to the member’s superannuation account.
Conditions for Wage Sacrificing. (a) An allowable wage sacrifice benefit can only be provided where:
(i) the parties agree to sacrifice a future wage or salary payment that the employee has not earned an entitlement to receive at the time of the agreement;
(ii) the benefit is a wage sacrifice benefit that is an allowable benefit in accordance with clause E.2;
(iii) the employee submits to the Company the documentation required in clause E.4, which is approved and accepted by the Company;
(iv) the deduction is not contrary to the law.
(b) All wage sacrifice member (voluntary) contributions will have the 15% contributions tax deducted by the fund before they are credited to the member’s superannuation account.
(c) The employee will bear the responsibility for all taxes and any additional costs associated with the sacrifice arrangement.
