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Salary Sacrifice definition

Salary Sacrifice means the Salary Sacrifice Arrangement to be offered by the Paying Authority to the office holder to elect pursuant to this Determination.
Salary Sacrifice. Salary sacrifice is a system whereby a portion of an employee's gross salary or wage is paid as a benefit, before tax, rather than directly as salary, thereby usually reducing the amount of tax paid by the employee on the income. This is called salary sacrificing because it is sacrificing salary for a benefit and is at the discretion of the employee for the approved range of items. For example, if an employee who earns $60,000 gross salary, sacrifices $10,000, income tax would be payable only on $50,000.
Salary Sacrifice means the sacrifice by the employee of an amount of their pre- tax ordinary pay as prescribed by the Local Government (State) Award.

Examples of Salary Sacrifice in a sentence

  • A Salary Sacrifice Agreement (SSA) is the formal administrative instrument between the employer and the employee which enables salary packaging arrangements to be put in place.

  • Exclusions apply and applicants must adhere to the terms and conditions contained in the Salary Sacrifice Policy.

  • Salary Sacrifice Salary sacrifice options include superannuation, employee’s children’s attendance at Council’s Childcare Centres and membership at the Portland Leisure and Aquatic Centre.

  • A Salary Sacrifice Request Form is attached as a schedule to this Agreement for this purpose.

  • This Salary Sacrifice Agreement (Agreement) is made on the date specified in the attached Schedule as the Date of Agreement.


More Definitions of Salary Sacrifice

Salary Sacrifice means the amount of salary being sacrificed in order to purchase Childcare Vouchers.
Salary Sacrifice means that part of the salary package set aside to cover the payment of Fringe Benefits and includes liability for Fringe Benefits tax and the Goods and Services Tax (GST), if any, and all of the City’s administrative costs and charges.
Salary Sacrifice means the method by which the Vehicle Value is sacrificed from the Monthly Pay before Tax and/or National Insurance are calculated. Tax and/or National Insurance are then calculated on the Adjusted Monthly Pay, thereby resulting in a Tax and/or National Insurance saving.
Salary Sacrifice is that part of the remuneration set aside to cover the payment of Benefits and includes liability for fringe benefits tax and all administrative costs and charges.
Salary Sacrifice means the provisions to salary sacrifice a component of salary to superannuation as contained within the relevant industrial instruments applicable to eligible employees.
Salary Sacrifice means an agreement between Royal Mail and an Agreement" Employee in the form attached at Appendix F;