Salary sacrifices into superannuation a) 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.
b) Employees who elect to sacrifice a proportion of their wages to the C+BUS or other industry superannuation fund or may request that the Employer make deductions from gross income. These arrangements shall be altered only twice a year if requested.
c) 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.
d) 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
Salary sacrifices into superannuation. (a) The objective of this clause is to enable Employees to make pre-tax contributions to complying superannuation funds through a salary sacrifice arrangement.
(b) The Company will continue to make employer contributions to nominated complying superannuation funds in accordance with the Superannuation Guarantee (Administration) Act 1992 ("employer contributions").
(c) An Employee may request that the Company make additional contributions to a complying superannuation fund. These contributions are distinct from and in addition to employer contributions and for the purpose of this clause are referred to as "salary sacrifice contributions".
(d) 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.
(e) Salary sacrifice contributions are limited to: • Aged based contribution limits as per relevant legislation • A maximum sacrifice of $50 000 per annum • An employee must not sacrifice a proportion of their salary that results in the employees pay being less than $500/ week
(f) The employee may nominate an amount to be sacrificed. The Employee may only change the amount once a year.
(g) The employee is required to obtain independent financial advice prior to entering into a salary sacrifice arrangement.
(h) Salary sacrifice cannot exceed 50% of the pre-salary sacrifice gross weekly all purpose rate of pay; and
(i) An amount, that together with employer contributions does not exceed the age based deductibility limits provided for by sections 82AAC to 82AAF of the Income Tax Assessment Act 1936.
(j) Employees may only elect to have salary sacrifice contributions made at a set dollar amount.
(k) 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.
