Superannuation Salary Sacrifice Agreement Template

Ask your employer to arrange additional contributions to your Sunsuper account for pay victims. You can usually make the order on your behalf. You can use this email template to let them know. If you are unable to pay sacrifices, you can still pay pre-tax super-contributions by making voluntary contributions to your after-tax salary and then claiming a tax deduction. The more you put in your super, the lower your taxable income may be – and that could mean even more savings at tax time. The wage sacrificed must be permanently waived for the duration of the agreement. This means, for example, that if a paid super-contribution is not paid, but at the end of a salary-killing period, the amount paid is as follows: as of January 1, 2020, Sharon`s employer will have to calculate the SG liability on the basis of the OTE, containing amounts that would have been OTE amounts if they had not been initiated into a corresponding super-nanuation fund. The calculation is this: sacrificing wages to save more for retirement may seem like a no-brainer. In addition to looking at your debt levels before adding to your super, think this: This is in addition to Sharon`s $250 salary per week. If the salary is super sacrificed, the contributions will be kept in the fund. The employee can only access it if he meets a condition of release, for example.

B reaching the age of preservation. As of January 1, 2020, the sacrificed super-contributions will no longer be able to be used to reduce your super warranty obligations, no matter how much your employee chooses for the pay victims. To get the benefits of the pay victim – for you and your employee – you need “effective regulation on pay victims.” In other words, the Fair Labour Commission regulates contracts and working conditions. To verify your terms and conditions, please contact Fair Work CommissionExternal Link. If you pay in super-wage victims, you can agree with your employer to pay part of your salary or salary before taxes are deducted from your account instead of your bank account. This is a personal contribution you make in addition to your employer`s mandatory Superannuation Guarantee (SG), which represents 9.5% of your salary. Contributions for salary victims you pay for an employee must be included in the annual summary of payments as employer super-contributions to be reported. If you want to add more to your super per pay victim, simply download the form below and fill it out with your employer. You do not need to offer or accept wage sacrifice agreements with your employees. You can talk to a tax advisor about the impact on your business.

If you have an employment contract, you and your employer may need to check the terms of your contract to ensure that your wage victim`s agreement is effective. Contributions from salary victims must be paid to a compliant super-fund. Wage victims is an easy way for you to make extra payments in your super. By agreement with your employer, your employer redirects part of the salary (before taxes) to your super-account. Wage victims are considered a “conceded” contribution. Contributions granted include: If you perform sacrifice benefits, you change your salary. This means that benefits such as leave and overtime could be affected if they are tied to your salary.