Common use of Salary Sacrifice to Superannuation Fund Clause in Contracts

Salary Sacrifice to Superannuation Fund. (a) Permanent employees may be able to make voluntary pre-tax contributions or payments through a written salary sacrificing agreement between the employer and the employee. The employer will pay the salary sacrificing amount in accordance with the salary sacrificing agreement. (b) An employee may apply to have their ordinary time earnings reduced by an amount nominated by them as a salary sacrificing contribution for their benefit. (c) 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 sacrificing arrangement was not in place. (d) The employer recognises the need for employees to consider independent financial and taxation advice and recommend that employees consider such advice prior to entering into salary sacrificing arrangements. (e) In the event that the law governing superannuation and/or taxation make the objective of this clause ineffective, unattainable or illegal, the employer will advise the employee concerned. The salary sacrificing contribution arrangement will be terminated or amended to comply with such laws. (f) Unless otherwise agreed by the employer, an employee may revoke or vary their salary sacrificing contribution/payment by giving not less than one month’s written notice, provided the terms of any other agreement relating to the salary sacrificing benefit are met.