Wage Sacrifice Sample Clauses
A Wage Sacrifice clause allows an employee to agree to forgo a portion of their pre-tax salary in exchange for certain non-cash benefits provided by the employer, such as additional superannuation contributions or a company car. The arrangement is typically formalized in writing and must comply with relevant tax and employment laws to ensure both parties benefit from potential tax advantages. This clause primarily serves to provide flexibility in employee compensation packages while potentially reducing taxable income for the employee and offering cost-effective benefits for the employer.
Wage Sacrifice. 10.1.1 Up to 30% (maximum) wage sacrifice on gross salary (being salary and allowances as specified in Clause 9) will be available except where an employee’s 30% wage sacrifice would exceed the limit set from time to time by the Australian Taxation Office for charitable organisations to be exempt from fringe benefits tax, then the maximum wage sacrifice will be that as set by the Australian Taxation Office. As at 1 April 2001 this limit is $15,450 per annum per employee.
10.1.2 If an Employee’s annual wage sacrifice amount is less than $12,810 then the Employee may use this amount toward paying expenses that either contain GST or are GST Free or Input-Taxed.
10.1.3 If an Employee’s annual salary sacrifice amount is greater than or equal to $12,810, but less than or equal to $15,450 (the maximum), they may only use this amount toward paying expenses that are GST Free or Input-Taxed.
Wage Sacrifice. (i) An employee may sacrifice 30% of gross salary, up to a maximum of $14,089 per year.
(ii) The wage sacrifice can be applied by the Employee in any manner they see fit providing the action is legal and within the parameters of any relevant legislation.
(iii) If, at any time, any portion of the wage sacrifice applied under paragraph 10.1
Wage Sacrifice. The Company agrees to the provision of wage sacrifice options for its employees on the basis that any such options:
(a) are approved by the Australian Taxation Office;
(b) do not attract a Fringe Benefit Tax Liability; and
(c) do not incur any extra costs to the Company.
Wage Sacrifice. 50.1. Employees covered by this Agreement shall have access to wage sacrifice for the same purposes as are allowed by Company Policy to salaried staff.
50.2. Support regarding Wage Sacrifice can be provided by Payroll upon request.
Wage Sacrifice. 49.1. Employees may sacrifice part or all of their wage (subject to statutory requirements) for the purpose of making additional contributions to their superannuation fund(s). Employees must make an application in writing by in accordance with the relevant form available from Human Resources.
49.2. Employees may apply for novated leasing in accordance with the Company’s Novated Lease Policy.
49.3. The Company may make other options for wage sacrifice available to Employees during the life of this Agreement.
Wage Sacrifice. 10.2.1 Up to $14,089 (maximum) wage sacrifice on gross salary (being salary and allowances as specified in Clause 9) will be available.
10.2.2 The wage sacrifice can be applied by the Employee of any category whether fulltime, part time or casual. It can be nominated to a third party acceptable by the Commissioner of Taxation. Casual Crew will be allowed to salary sacrifice up to 30% of their earnings. $500,000, except when engaged in outside employment. Employees listed under Category 2 and 3 of the policy will be covered by a Personal Accident Insurance Policy (including Death and Disability cover) to the value of $500,000 but only whilst engaged on business under the control of the Employer.