What is salary sacrifice?
When you salary sacrifice into super, you enter into an arrangement with your employer to give up part of your before-tax salary and/or bonus. Instead, your employer pays this amount into your super account. This is in addition to the compulsory superannuation guarantee amount your employer is required to contribute.
Salary sacrificing is a simple and cost-effective way of contributing more to your superannuation account, with some great tax benefits.
Salary sacrificing involves reducing your take home pay and putting that money into your super.
It’s a great way to save on tax as you only pay the concessional tax rate of 15%*—up to the limit of $30,000 (or $35,000 if you’re 49 or over on 30 June 2015) for 2015/16 tax year.
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