Salary Sacrifice Your ATO Approved Items
Our placed candidates may be eligible to salary package / sacrifice a range of items including superannuation and other ATO approved items.
Requesting a Salary Sacrifice Products:
1. Complete the Product Salary Sacrifice Agreement form.
2. Please note that you need a scanned copy of the Tax invoice for the item (must show ABN and state ‘Tax Invoice’) to complete the form.
3. Note that external accessories of the device like a key board, mouse, covers, external hard drives or warranty etc. will not form part of salary sacrifice due to ATO regulations.
NB: We will process the salary sacrifice in a single pay. In the event the purchased item is larger than your gross income for that pay, it will be split over two pay runs.
Requesting to Salary Sacrifice Superannuation
It is really easy to set up a superannuation salary sacrifice. Simply use this Superannuation Salary Sacrifice Agreement form.
By doing so you can nominate a % or $ amount to sacrifice each pay run.
Note that a salary sacrifice cannot be backdated due to ATO regulations. This means that the start of your next pay cycle is the first date you may set it up for. The salary sacrifice is set up for work performed. That means that you will see your sacrifice take effect the week after it has been requested to start.
As an example. John signs an agreement on the Thursday to start salary sacrificing from the coming Monday. The pay for that week will be processed on the Thursday the week after. This means it takes two weeks from the time when John requested to start his salary sacrifice until he will see it on his payslip.
The worker acknowledges that there are Superannuation age based limits set by the Australian Taxation Office and understands the implication of exceeding these limits.
If the worker is aged between 65 and 74, any additional employer contributions (including those made under a salary sacrifice arrangement) and voluntary after-tax contributions made by the employee are subject to a work test.
To satisfy the work test, a worker must have been gainfully employed on a full or part-time basis for at least 40 hours in 30 consecutive days in the financial year.
No additional contributions can be made once the contractor turns 75.
Any super contribution made by an individual aged 74 must be received by the super fund within 28 days of the end of the month in which the individual turns 75 or it cannot be accepted. The work test also applies to spouses aged 65-69 receiving spouse contributions from their partner.
The Chandler Macleod Group (Incorporating Chandler Macleod, Peoplebank, Leaders IT Services, Porterallen, AHS Hospitality, Vivir & Aurion) recommends that anyone who wishes to commence a salary sacrifice seek financial advice.
More Information about salary packaging? If you have further questions, please do not hesitate in contacting the CMG Shared Services Team - Call us on 1300 853 100, or email us at email@example.com.