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Salary Sacrifice is when you have your employer pay part of your before-tax salary into your super.
Topping up your superannuation with salary sacrifice contributions rewards you with extra money in the future, but also provides tax savings right now! That is because Salary Sacrifice contributions are taxed at 15% when received by QIEC Super, instead of your marginal tax rates.
Salary Sacrifice potentially lowers your taxable income and depending on your income level, employer and workplace agreement, you can begin to Salary Sacrifice at any age.
You can Salary Sacrifice in 3 easy steps:
- Talk to your payroll manager about whether they allow Salary Sacrifice and the process of making Salary Sacrifice contributions.
- Check if Salary Sacrifice will impact on other benefits you receive, like overtime and leave loading. It is a good idea to seek professional advice at this point.
- Decide how much you want to Salary Sacrifice and notify your employer.
Please note that Salary Sacrifice contributions count towards your concessional contributions cap. Contributions in excess of the cap may be subject to extra tax. All Salary Sacrifice contributions are preserved in your super. See the Claiming a benefit Fact Sheet for more information.
Please note - income is defined as assessable income plus reportable fringe benefits plus, reportable employer superannuation contributions (RESC). RESC is generally superannuation contributions which you have asked your employer to make as salary sacrifice (before tax) or additional employer contributions which were not specified under an award, enterprise agreement or legislation paid on your behalf as part of a remuneration package. Consult your employer to identify the likely RESC for the financial year.
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