Contributions for salary victims you pay for an employee must be included in the annual summary of payments as employer super-contributions to be reported. The more you put in your super, the lower your taxable income may be – and that could mean even more savings at tax time. This means that the salary sacrificed is not taken into account in your super-guarantee obligations (SG). Your super account`s salary is taxed at 15% (if you earn less than $250,000) or 30% (if you earn more than $250,000). However, any salary you take home is taxed at your normal income rate, which can be up to 47%. If you have an employment contract, you and your employer may need to check the terms of your contract to ensure that your wage victim`s agreement is effective. The wage sacrificed must be permanently waived for the duration of the agreement. This means, for example, that when a paid super-contribution has not been paid, but has been triggered at the end of a pay-as-you-go agreement, the amount paid is as follows: creating wage victims to save more for your retirement may seem like a no-brainer. In addition to the fact that you consider your debt before adding your super, it is advisable that you and your collaborator be clear and that you agree on all the terms of an agreement on salary victims. You should consult the Fair Work CommissionExternal Link before proceeding.
If you pay in super-wage victims, you can agree with your employer to pay part of your salary or salary before taxes are deducted from your account instead of your bank account. This is a personal contribution you make in addition to your employer`s mandatory Superannuation Guarantee (SG), which represents 9.5% of your salary. Ask your employer to arrange additional contributions to your Sunsuper account for pay victims. You can usually make the order on your behalf. You can use this email template to let them know. If you are unable to pay sacrifices, you can still pay pre-tax super-contributions by making voluntary contributions to your after-tax salary and then claiming a tax deduction. The Fair Labour Commission regulates contracts and working conditions. To verify your terms and conditions, please contact Fair Work CommissionExternal Link. The agreement on victims of wages must be concluded before receipt or entitlement to benefits. Past earnings should not depend on victims of wages.
It is advisable that you and your employee prepare and sign a document clearly stating all the terms of the salary sacrifice agreement. If you enter into an undocumented wage sacrifice agreement, you may have difficulty establishing the facts of your agreement. Wage victim plans in an employee`s super fund are considered deductions.