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 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.

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.

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

• Eligible employees who have Excess LSL cashed out under this clause must enter into a Salary Sacrifice Arrangement for the equivalent amount to be paid into the Superannuation Fund as Ordinary Time Earnings, unless the employee has reached their concessional contribution cap.

• Salary Sacrifice to Superannuation means the option of making additional superannuation contributions by electing to sacrifice a portion of the gross earnings (pre tax dollars) under the parent awards.

More Definitions of Salary Sacrifice

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.

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 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 foregoing extra salary in return for a lump sum employer benefit payment into an approved superannuation fund.

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.