I'm sure somebody out there has or does work for Westpac Hunter.
I notice in their EBA it states under Salary Sacrifice,
19.2.1
Up to 50% (maximum) salary sacrifice on Gross Salary (being salary and allowances as specified in Clause 18 will be available except where an Employee's 50% salary sacrifice would exceed the limit set from time to time by the Australian Taxation Office for charitable organisations to be exempt from fringe benefits tax. In such an event the maximum salary sacrifice will be that as set by the Australian Taxation Office. As at 1 April 2015, this limit is $15,900 per annum per Employee.
Being a registered Charity
Is that $15900 of your pay can be used for salary sacrifice purposes or,
It is an additional $15900 on top of your pay that must be used for salary sacrifice purposes.
eg: you earn 60K and you pay tax on 60K then receive the 15900 for salary sacrifice.
or, earn 60K minus up to $15900 salary sacrifice then pay tax on the balance of $44100.
Cheers
WestPac Pay
- SkyTruck Rider
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- 2nd Dan
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Re: WestPac Pay
SkyTruck Rider wrote:or, earn 60K minus up to $15900 salary sacrifice then pay tax on the balance of $44100.
Cheers
I don’t work there but this is how salary sacrifice works for these types of organisations
- SkyTruck Rider
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Re: WestPac Pay
Thanks bl@ckers
- hand in pants
- 4th Dan
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Re: WestPac Pay
When I was there you got paid $60 and paid tax on whatever was left after salary sacrifice went.
but be careful, they only paid super based on what you paid tax on.
but be careful, they only paid super based on what you paid tax on.
Hand in Pants, I'm thinking, my god, that IS huge!!!!!!!!
- SkyTruck Rider
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Re: WestPac Pay
Some very wise advice. Thank you Hand in pants.
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