With Salary Sacrificing you agree to forego part of your future wages in return for your employer providing benefits of a similar value.
Benefits to sacrifice salary or wages into might include the following:
- Super Fund
- Car fringe benefits
- Expense payment fringe benefits, for example:
- School fees
- Child care costs
- Loan repayments
Salary Sacrifice Arrangements
Not all employers offer Salary Sacrifice arrangements. Some employers may also charge an administration fee for the arrangement.
The Role of Your Success Tax Professionals Accountant
Success Tax Professionals focus on helping customers to understand their total salary package and how the various options available to them through a Salary Sacrifice Arrangement can result in benefits and tax savings. We also highlight any special considerations that need to be factored in – for example not exceeding the cap amount when sacrificing into super so as to avoid paying a higher rate of tax on super contributions.