Salary Sacrifice Sample Clauses
Salary Sacrifice. (a) Where an Employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the Employee’s request without unreasonable delay and consistent with any relevant statutory requirements.
(b) All entitlements and benefits contained in this Agreement will be calculated on the pre-salary sacrifice pay rate.
Salary Sacrifice. Employees may sacrifice their pre-tax earnings, subject to such arrangements being made for legitimate purposes such as additional superannuation contributions. The amount of salary sacrifice being deducted from pre-tax earnings shall be deducted from gross earnings with each pay period. Any such arrangements must be requested, varied or amended in writing, providing no les than one months notice to the Company. A Salary Sacrifice Request Form is attached as a schedule to this Agreement for this purpose. The Company recommends that employees seek independent financial advice prior to entering into salary sacrifice arrangement. The amount of any salary sacrifice income requested must be a fixed sum, without variation from one pay period to the next. The company shall implement employee requests to commence salary sacrifice arrangements at four (4) times a year, on the first full pay period on or after the 1st July, 1st October, 1st January and 1st April. Where adverse tax and/or superannuation changes occur, the Company or employee may terminate these salary sacrifice arrangements. Where a decision to terminate is made, employees will be given one month’s notice in writing.
Salary Sacrifice. 2.5.1 An employee may salary sacrifice a portion of their salary to any benefit which does not attract a fringe benefit tax liability.
2.5.2 Where a salary sacrifice arrangement is entered into, it will be recorded in writing.
2.5.3 Where such an arrangement is entered into, the employee’s total salary shall be reduced by an amount equivalent to that nominated in the arrangement.
2.5.4 The employee’s salary used to calculate superannuation contributions, leave loading, annual leave or vacation leave, long service leave, severance and termination payment entitlements, will be the gross base salary in accordance with this agreement – i.e. the wages the employee would receive if not taking part in a salary packaging arrangement.
2.5.5 Salary packaging arrangements may be altered once per annum.
2.5.6 The employer reserves the right to outsource the administration of salary packaging arrangements to a provider appointed by the employer.
2.5.7 The employer will meet the cost associated with salary sacrifice to superannuation.
2.5.8 The employee may be required to meet the cost of salary sacrifice arrangements to benefits other than superannuation.
Salary Sacrifice. An Employee may make an agreement with the Employer for salary sacrifice.
Salary Sacrifice. Where it is agreed between the Company and the employee that an employee wishes to have their pay salary sacrificed for additional superannuation, the Company will comply with the employee’s request within two weeks. Details of any salary sacrifice arrangements shall be reflected on the employees pay slip. Employees who elect to sacrifice a proportion of their wages to the C+BUS or CONNECT superannuation fund or may request that the Company make deductions from gross income. These arrangements shall be altered only twice a year if requested. In order to gain the benefit from making superannuation contributions from gross earnings salary sacrifice to superannuation may be agreed between the parties and must legally fulfil SGAA and Australian Taxation Office (ATO) requirements. Any salary sacrifice arrangements entered into between the parties shall: • not disadvantage the employee or the Company in any way, • be effective only on the written authority of the employee, • immediately be stopped at the written request of the employee • have a statement provided to the employee detailing the salary sacrifice at the end of each financial year, • not reduce or alter the Company’s superannuation contribution calculation or obligation to pay superannuation under SGAA or SGCA, • not reduce the employee’s hourly all-purpose rate of pay for the purposes of Award entitlements (including accrued entitlements and the application of penalty rates), • immediately be reviewed in the event of any change to any relevant Act(s) or ATO rulings. Where an employee elects to salary sacrifice, the employee may receive less actual pay than their classification rate specified in this Agreement (ie. the classification rate less the salary sacrifice amount).
Salary Sacrifice. In this clause ‘superannuable salary’ means the Staff Specialist’s salary as notified from time to time to the New South Wales public sector superannuation trustee corporations as per the relevant superannuation legislation governing the fund, or, in respect of Staff Specialists who elect to have contributions made to a non public sector superannuation scheme, ‘superannuable salary’ means the Staff Specialist’s salary that would have been notified from time to time to the New South Wales public sector superannuation trustee corporations but for the Staff Specialist’s election to have contributions made to a non public sector superannuation scheme.
(a) Subject to the other provisions of this clause, Staff Specialists may salary sacrifice from the range of benefits the Chief Executive Officer or General Manager of the Employer (or their authorised delegate) and the Union agree upon from time to time.
(b) Salary sacrifice arrangements must be formalized by an agreement between the Staff Specialist and the employer.
(c) The salary sacrifice agreement must be prospective, that is, the agreement must be made prior to the commencement of the period of service to which the earnings relate.
(d) Subject to Australian Taxation Law, the sacrificed amount of superannuable salary will reduce the Staff Specialist’s remuneration subject to appropriate PAYE taxation deductions by the amount sacrificed.
(e) The fringe benefits tax on the benefits chosen by the Staff Specialist that would have been payable except for the public hospital fringe benefit exemption status, will be calculated for each Staff Specialist who enters into a salary sacrifice arrangement. This amount will be divided equally between the Employer and the Staff Specialist.
(f) Any fringe benefits tax applicable to the benefits packaged by a Staff Specialist will be deducted from the total amount sacrificed in that Staff Specialist’s salary sacrifice agreement.
(g) The administration cost of each salary sacrifice agreement will be shared equally by the Employer and the participating Staff Specialist. The Staff Specialist’s share will be deducted from the total amount sacrificed in that Staff Specialist’s salary sacrifice agreement.
(h) Subject to Clause 9, the total amount sacrificed in any salary sacrifice agreement may be up to 100% of the Staff Specialist’s superannuable salary.
(i) Any allowance, payment for unused leave entitlements, weekly workers’ compensation or other payment, other than any payment...
Salary Sacrifice. An employee may request in writing and enter into an agreement with the Company: • That benefits in the form of additional superannuation contributions be provided; and That their "take home" pay will be reduced by an amount equivalent to that paid as additional superannuation contributions. These arrangements will be known as "salary sacrifice" arrangements. The employer will ensure that an employee's request for salary sacrifice arrangements will be put in place within two weeks of the employer and employee reaching agreement on these arrangements. The maximum additional superannuation contribution that can be made will result in the employee's "take home" pay being no less than the employee's award rate of pay. The contributions made by the employer on behalf of the employee, as part of these 'salary sacrifice arrangements' are in addition to the payments required by the Employer under the Superannuation Guarantee (Administration) Act 1992. Employer contributions to meet the Superannuation Guarantee (Administration) Act 1992 will continue to be based on an employee's ordinary time earnings as defined in this Agreement. Salary sacrifice arrangements will only apply to payments for long service leave where an employee's accrual of long service leave commenced following the introduction of salary sacrifice provisions in this agreement (i.e. new employees). All other entitlements and benefits contained in this agreement will be calculated on a pre-salary sacrifice calculation basis, including termination payments, overtime, annual leave loading, allowances and penalty rates. An employee may withdraw from the salary sacrifice arrangements at any time, by providing a written request to the company. The Company will in consultation with the affected employees, be able to review the salary sacrifice arrangements, in the event of changes in Government legislation that affects the status (tax or otherwise) of contributions paid under these arrangements. The company recognises that in accordance with C+Bus or CONNECT policy at the time of certification of this Agreement, an accredited representative, may at the request of an employee covered by this Agreement, contact C+Bus or CONNECT to verify that correct payments in accordance with the Agreement have been made.
Salary Sacrifice. The Employees will have the option of a salary sacrifice as a condition of their employment.
Salary Sacrifice. The Employer and Employee/s may enter into a salary sacrifice arrangement whereby, a proportion of the Employee/s’ weekly wage shall be paid into a complying superannuation fund.
Salary Sacrifice a) By agreement between the relevant Employee and Employer, flexible remuneration packaging schemes may be introduced.
b) Salary sacrifice of additional benefits will be available in accordance with ATO guidelines. This currently includes superannuation, novated leases of cars, personal computers etc.
c) Where it is agreed between the Employer and the employee that an employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the employee's request within two weeks. Details of any salary sacrifice arrangements shall be reflected on the employees pay slip.
d) Employees who elect to sacrifice a proportion of their wages to the C+BUS or other industry superannuation funds or may request that the Employer make deductions from gross income. These arrangements shall be altered only twice a year if requested.
e) In order to gain the benefit from making superannuation contributions from gross earnings salary sacrifice to superannuation may be agreed between the parties and must legally fulfil SGAA and Australian Taxation Office (ATO) requirements.
f) Any salary sacrifice arrangements entered into between the parties shall:
I. not disadvantage the employee or the Employer in any way, II. be effective only on the written authority of the employee, III. immediately be stopped at the written request of the employee