Salary Sacrifice – Superannuation. 18.1 The objective of this clause is to enable Employees to make pre-tax contributions to complying superannuation funds through a salary sacrifice arrangement.
18.2 The Company will continue to make Company contributions to nominated complying superannuation funds in accordance with the Superannuation Guarantee (Administration) Act 1992 (“Company contributions”).
18.3 An Employee may request that the Company make additional contributions to a complying superannuation fund provided that no Employee may have contributions made to more than two funds. These contributions are distinct from and in addition to Company contributions and for the purpose of this clause are referred to as “salary sacrifice contributions”.
18.4 On each occasion on which the Company makes a salary sacrifice contribution on behalf of an Employee, the Employee’s gross earnings shall be reduced by an amount equal to the salary sacrifice contribution. For the purpose of this clause “occasion” means the calculation and processing of the payroll in accordance with the normal pay period.
18.5 Salary sacrifice contributions are limited to an amount that together with Company contributions does not exceed the age based deductibility limits provided for by sections 82AAC to 82AAF of the Income Tax Assessment Act 1936.
18.6 Employees may elect to have salary sacrifice contributions made at a set dollar amount or as a percentage of ordinary time earnings.
18.7 In the event that the law governing superannuation and taxation changes in such a way as to make the objective of this clause ineffective, unattainable or unlawful, the Company will advise the Employees concerned and the salary sacrifice contribution arrangement will be amended or terminated.
18.8 For the purpose of annual, long service and sick leave accruals, and all other payments that may be due upon termination of employment, the ordinary time rate of pay shall be calculated on a rate of pay which includes those salary sacrifice contributions which would otherwise have been paid to the Employee as ordinary time earnings, but excludes any salary sacrifice contributions that arise from overtime earnings.
18.9 The Company is not in breach of minimum payment requirements under this Agreement where the deduction from gross earnings of an employee has the effect of nominally reducing the employee’s earnings below Agreement prescribed minimums.
Salary Sacrifice – Superannuation. 18.1 By mutual agreement employees may make provisions for a minimum 5% salary sacrifice of their annual wage/salary for contribution towards superannuation. (The salary sacrifice so made will nevertheless be considered part of the employees’ wages and the Council will not be subject to prosecution for underpayment of wage sacrificed pursuant to this clause.)
Salary Sacrifice – Superannuation. (a) Any employee may, to the extent permitted by law and as otherwise set out in this clause, elect to salary sacrifice into their existing superannuation fund by completion of the Employer’s salary sacrifice superannuation form up to an amount that, together with employer contributions, does not exceed the age based deductibility limits prescribed by legislation.
(b) Salary sacrifice superannuation under this clause is offered to employees on the basis it remains cost neutral to the Employer and the Employer does not incur any consequential or additional costs in association with its operation. Accordingly, if there are any changes in legislation, practices or rulings (taxation or superannuation or otherwise) that alter the benefit to the employee or the cost to the Employer of acting in accordance with the election, either the employee or the Employer may upon one month's notice in writing terminate the election.
(c) Employees may only enter, adjust or withdraw from salary sacrifice arrangements once each year, initially within one month of commencement of this Agreement, and thereafter by 1st June each year, to take effect from 1st July. Employees may only elect to have salary sacrifice contributions made at a set dollar amount. Should an employee wish to withdraw from salary sacrifice arrangements on other than this date due to hardship, should such hardship be established, the Employer will favourably consider the request.
(d) The salary sacrifice will be considered part of the employees’ wages and the Employer will not be subject to prosecution for underpayment of wages sacrificed pursuant to this clause. Any such salary sacrifice superannuation is deemed to be paid in satisfaction of the Employer’s obligation to pay the wages set out in this Agreement. However, for the avoidance of doubt, this does not prevent any claim being brought against the Employer on the basis that:
(i) The wrong amount (or no amount) has been paid to a superannuation fund; and/or
(ii) The employee’s remuneration was incorrectly calculated.
(e) The employee’s pre-salary sacrifice base wage will continue to be used for purposes of overtime, annual and long service leave accruals, leave loading, shift allowances, termination and severance entitlements and all payments made under the Accident Compensation Act 1985, Transport Accident Act or in relation to any payments made under any contract of insurance or income protection. Salary sacrifice will not be deducted from any termin...
Salary Sacrifice – Superannuation. Coal Services and an employee may enter into an agreement to sacrifice a part of their salary for the purpose of the employee making additional superannuation contributions.
Salary Sacrifice – Superannuation. 19.6.1. An employee may apply to the employer to have their ordinary wage reduced by an amount nominated by the employee as a Salary Sacrifice Contribution for the benefit of the employee in accordance with the employer’s Salary Sacrifice Policy as amended from time to time.
19.6.2. The employer must approve the application for salary sacrifice before the employee’s ordinary wage is adjusted for salary sacrifice contributions.
19.6.3. The employee will receive their Post Salary Sacrifice Wage for periods of annual leave, long service leave, and other periods of paid leave provided the Salary Sacrifice Contribution is paid.
19.6.4. Unless otherwise agreed by the employer, an employee may revoke or vary their Salary Sacrifice Agreement once in each twelve months in accordance with Chubb policy.
19.6.5. Not less than one month’s written notice shall be given by an employee of their revocation or variation of a Salary Sacrifice Agreement.
19.6.6. The continuation of an employee’s Salary Sacrifice Agreement is subject to the employer’s discretion and such agreements cease to apply on the employer giving one month’s notice.
Salary Sacrifice – Superannuation. Subject to the following conditions, an employee may elect with the agreement of the employer (such an agreement shall not be unreasonably withheld by the employer) to salary sacrifice any part or all of his/her salary (including Award or Enterprise Agreement based salary/wages) to their choice of superannuation fund as outlined in Clause 5.12 above.
Salary Sacrifice – Superannuation. Not withstanding the salaries prescribed by this clause, an employee may elect, subject to the agreement of Macquarie Generation, to sacrifice a portion of the salary payable under this clause to additional employer superannuation contribution, purchase of company product (electricity), novated motor vehicle lease and laptop computer purchase. Such election must be made prior to the commencement of the period of service to which the earnings related.
Salary Sacrifice – Superannuation. An employee may apply to the Company to have their ordinary wage reduced by an amount nominated by the employee as a Salary Sacrifice Contribution for the benefit of the employee in accordance with the Employer’s Salary Sacrifice Policy as amended from time to time. The Employer must approve the application for salary sacrifice before the employee’s ordinary wage is adjusted for salary sacrifice contributions. The employee will receive their Post Salary Sacrifice Wage for periods of annual leave, long service leave, and other periods of paid leave provided the Salary Sacrifice Contribution is paid. Unless otherwise agreed by the Employer, an employee may revoke or vary their Salary Sacrifice Agreement once in each twelve months in accordance with Company policy. Not less than one month’s written notice shall be given by an employee of their revocation or variation of a Salary Sacrifice Agreement. The continuation of an employee’s Salary Sacrifice Agreement is subject to the Employer’s discretion and such agreements cease to apply on the Employer giving one month’s notice.
Salary Sacrifice – Superannuation. Where the School and individual Employee agree, the School may contribute up to an amount determined by Australian Tax Office Guidelines into one of the approved superannuation funds. Where such agreement is reached, the Employee’s salary shall be reduced by an amount equivalent to the additional superannuation contributions:
Salary Sacrifice – Superannuation. 15.1. A permanent Employee may elect to forgo part of their weekly ordinary time rate of pay in return for increased Company funded superannuation. An election form must be completed and provided to the Company’s payroll for this to occur.
15.2. It is important that Employees consider independent financial and taxation advice prior to entering into salary sacrifice arrangements.
15.3. The total value of the reduced salary and the agreed value of the benefits provided will not be less than the amount that would otherwise be paid if the salary sacrifice arrangement was not in place.
15.4. Despite anything else in this clause, if an Employee makes an election in accordance with this clause should any laws governing taxation or superannuation change at ant time then the Company may cease the salary sacrifice arrangement.
