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 2014.
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.
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.
Such arrangement shall be detailed in a separate document, executed between the Employer and the Employee upon commencement of Salary Sacrifice Arrangements.
A Salary Sacrifice Agreement (SSA) is the formal administrative instrument between the employer and the employee that enables salary packaging arrangements to be put in place.
More Definitions of Salary Sacrifice
Salary Sacrifice means using fixed remuneration on a pre-tax basis to receive certain benefits such as car parking and child care, or to make additional superannuation contributions.
Salary Sacrifice means the amount of salary being sacrificed in order to purchase Childcare Vouchers.
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 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 that part of the Salary set aside to cover the payment of Fringe Benefits and includes liability for Fringe Benefits Tax, Goods and Services Tax, if any, and all costs and charges arising from the provision of Fringe Benefits.
Salary Sacrifice means that Users can agree to a reduction in their cash salary and will be provided with cycles or vouchers for the purchase of cycles at a number of approved cycle outlets nationwide. The salary sacrifice scheme offer additional benefits to Users in the form of reduced tax and NI deductions.
Salary Sacrifice period means the period of time, for which this agreement is to apply, as set out in clause 4.