Taxation Implications. The parties to this agreement acknowledge that the Employee’s remuneration entitlement has been calculated on the basis that:
11.1 Yeoval Community Hospital Co-operative Ltd is not liable to pay Fringe Benefits Tax;
11.2 The ATO allows remuneration packaging as a legitimate tax planning measure.
11.3 The ATO has issued a draft policy taxation ruling which provides for a maximum amount which can be salary sacrificed without incurring Fringe Benefits Tax - at the date of this agreement, this salary sacrifice was $17,000 gross and $8,750 net per annum."
11.4 In the event that:
(a) any legislation is introduced into Federal Parliament with the intent of removing PBI status of Yeoval Community Hospital Co-operative Ltd.
(b) a tax liability arises, or is expected to arise, in relation to the salary sacrifice component of the Employee’s remuneration, whether by reason of fringe benefits tax, (however described), assessment of income in the hand of the Employee, or otherwise or,
(c) government funding is reduced by an amount directly referable to salary sacrificing or;
(d) ATO draft or final rulings, or guidelines, relating to salary sacrificing effect the ability of Yeoval Community Hospital Co-operative Ltd to enter salary-sacrificing arrangements with Employees that is financially advantageous for Yeoval Community Hospital Co-operative Ltd.
11.5 The following agreements will apply:
(i) Yeoval Community Hospital Co-operative Ltd will notify the Employee in writing of the occurrence of an event referred to in 11.4(a) (b) (c) or (d) above;
(ii) Yeoval Community Hospital Co-operative Ltd will enter negotiations with the HREA for a variation to the Enterprise Agreement; and
(iii) Should the parties fail to reach agreement within three (3) months of the Employee receiving written notification referred to above;
(a) After the expiry of the 3-month period, Yeoval Community Hospital Co-operative Ltd will pay the Employee the appropriate Award rate of pay at the Employee’s classification. The minimum level of superannuation at the relevant minimum award rate of pay into the employees nominated Superannuation Fund.
(b) Yeoval Community Hospital Co-operative Ltd will continue to pay the minimum statutory superannuation contribution for the appropriate Award rate on behalf of the Employee into the employees Superannuation Fund.
(iv) At the end of the 3 month period specified in sub-paragraph (iii) the Employer will not be liable to pay the salary or provide the fringe benef...
Taxation Implications. There may be other taxation implications affecting You, depending upon Your own circumstances. We recommend that You seek independent professional advice. Some key words and terms used in this Policy have a special meaning as set out below: Word or term Meaning Accident/Accidental An incident that is unforeseen and unintended and that causes loss or Damage. This includes a series of Accidents arising out of the one event. Damage Any form of physical harm to the Vessel but does not include wear and tear or anything that was present before this Policy came into force. Excess An Excess is the amount of any claim which must be paid by You. If an Excess is applicable to any Sections of Your Policy the amount will be shown either on Your Policy Schedule or within this Policy document. This amount shall be deducted from the amount payable on each claim. Family Includes Your spouse or partner, the children, parents or other relatives of You or Your spouse or partner who live permanently with You. Hull The shell of the Vessel, deck, fixtures and fittings on deck or below deck that are not normally removable and would be normally sold with the Vessel. Please also refer to the Section ‘What is not covered’ Legal liability Your legal responsibility arising out of the use of the Vessel to pay compensation for death, injury or Damage to Third Parties or their property. This responsibility only arises if You have done something wrong or You are at fault. Note: Refer to the Sections ‘What You are not covered for – Legal liability’ and ‘When You are not covered’. Omission A failure to act and includes a failure to do or say something. Period of insurance The period for which the cover under Your Policy is in force. You will find this Period of insurance set out in Your Policy Schedule. Permanent total disablement Means You have been unable to carry out any occupation for which You are fitted by reason of Your education, training or experience for a period of at least 12 consecutive months and You remain unable to do so for a continuous indefinite period solely and directly as a result of the injury. Personal effects As listed below: • clothing • waterproof gear, bags • food or beverage coolers • shoes • wallets or purses excluding cash and credit cards • toilet articles • hats or caps • keys or pens • portable MP3 players. Please also refer to the Section ‘What is not covered’. Policy Schedule The most recent document We give You and forms part of this Policy and which sho...
Taxation Implications. 6.2.1 Mission Australia and the employee acknowledge that remuneration entitlements have been calculated on the basis that Mission Australia is a Public Benevolent Institution (PBI) and exempt from Fringe Benefits Tax up to the capped amount per employee. The employee acknowledges that any fringe benefits provided through the Mission Australia Fringe Benefits Scheme may be classified as reportable fringe benefits and as such may appear on the employee's payment summary (nee group certificate). The employee is responsible for seeking financial advice regarding Fringe Benefits.
6.2.2 Should the Australian Taxation Office and/or the Australian Government change the arrangements with respect to the way in which PBIs are eligible for tax exemption, with respect to salary sacrifice and/or packaging, which has the effect of increasing the costs of Mission Australia providing salary packaging to the employee, then the following arrangements will apply:
6.2.3 Mission Australia will notify the employee in writing of the occurrence of the matters which adversely affect Mission Australia.
6.2.4 Mission Australia will advise the employees and the Union that it can no longer offer salary packaging on the same or similar terms as are existing at the date of this Agreement and will make an application to the Industrial Relations Commission to terminate this Agreement and the employees and the Union agree they shall consent to the termination of the Agreement only in these circumstances.
6.2.5 Should Mission Australia be unable to offer salary packaging, then:
(a) Mission Australia will immediately commence paying the employee the appropriate award rate plus any increases for that award.
(b) Mission Australia will continue to pay the statutory superannuation contributions for the appropriate award rate on behalf of the employee into the superannuation fund then nominated by Mission Australia.
Taxation Implications. The taxes and charges that apply to the Warranty will be shown on the Customer Contract & Declaration issued by us. The Per Claim Limit for each claim includes any GST payable for repairs and replacement.
Taxation Implications. 13.1 Interest earned on the Account is taxable. As the circumstances of each customer are different, we encourage you to seek independent tax advice.
Taxation Implications. Scholarships are tax exempt (for organisation and student) and should be primarily for education and not for labour. • The Australian Taxation Office guidelines prohibit the inclusion of conditions in the Scholarship Agreement that require recipients to undertake continued or future employment with the organisation. Should this be the case the arrangement can not be considered a scholarship and the student will not be eligible for tax exemption for their payment. • The University of Wollongong cannot enforce an employment relationship pertaining to Oak Flats Community Bank and/or the student as part of the Agreement. • Any direct payments to students for work are between Oak Flats Community Bank and the student and are separate from this scholarship.
