Common use of Payment of Salary Clause in Contracts

Payment of Salary. (a) During the 4 year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s normal fortnightly salary plus any associated allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 year period. This amount can be paid fortnightly; in one lump sum payment; or 2 payments, 1 in each of the financial years. (b) The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.

Payment of Salary. (a) During the 4 four year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employeea teacher’s normal fortnightly salary plus any associated teaching allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 four year period. This amount can be paid fortnightly; in one lump sum payment; or 2 two payments, 1 one in each of the financial years. (b) The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.

Payment of Salary. (a) During the 4 four year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s 's normal fortnightly salary plus any associated teaching allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 four year period. This amount can be paid fortnightly; in one lump sum payment; or 2 two payments, 1 one in each of the financial years. (b) The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.

Payment of Salary. (a) During the 4 four year accrual period participants in the scheme will receive 80% of their normal fortnightly nonnal fortnightly/monthly salary and thus will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s 's normal fortnightly salary fOl1nightly salmy plus any associated allowances. In the fifth year, when the leave is taken, the participants will receive the money contributed over the 4 four year period. This amount can be paid fortnightly; in one lump sum paymentsum; or 2 in two payments, 1 one in each of the financial years. (b) . The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participantspm1icipants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) . It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment payments on the basis that people taking advantage of a taxation incentive cannot derive interest on those these funds. Interest accrued will be utilised to offset the administrative administration costs of the fund.

Payment of Salary. (a) During the 4 four year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s a normal fortnightly salary plus any associated allowances. In the fifth year, when leave is taken, the participants participant will receive the money contributed over the 4 four year period. This The amount can be paid fortnightly; in one lump sum paymentsum; or 2 two payments, 1 one in each of the financial years. (b) The participant participants will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, that prior to entering into this scheme, a prospective participants participant discuss taxation implications and other related issues with their accountant or financial adviseradvisor. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits Taxation rulings prohibit such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised used to offset the administrative costs of the fund.

Payment of Salary. (a) During the 4 four-year accrual period period, participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s Employee's normal fortnightly salary plus any associated teaching allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 four-year period. This amount can be paid fortnightly; , in one lump sum payment; , or 2 payments, 1 in each of the two payments across separate financial years. (b) The participant will shall only be taxed only on the amount actually actual income received, which in this case is approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.

Payment of Salary. (a) During the 4 four-year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s Employee's normal fortnightly salary plus any associated teaching allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 four-year period. This amount can be paid fortnightly; in one lump sum payment; or 2 two payments, 1 one in each of the financial years. (b) The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser. (c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.