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.

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

• 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.

• Salary Sacrifice for Employer Superannuation Under this Agreement an employee may choose to sacrifice salary for employer superannuation contributions into a complying superannuation fund.

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 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 where an employee agrees to vary their contract of employment by agreeing to sacrifice part of their salary due under their contract of employment in return for Linking Up vouchers equivalent in value to the Employees salary which is sacrificed.

Salary Sacrifice period means the period of time, being not less than one Pay Period for which this agreement is to apply, as set out in clause 5.

Salary Sacrifice means using fixed remuneration on a pre-tax basis to receive certain benefits such as motor vehicles and parking.