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What super is reportable? Superannuation contributions that exceed the superannuation guarantee amount are reportable, for example salary sacrifice and some salary packaged amounts.
To set up a salary sacrifice payroll category Go to the Payroll command centre and click Payroll Categories. Click the Superannuation tab. Click the zoom arrow to open the Salary Sacrifice category. ... Choose the applicable Linked Payable Account. Choose the applicable ATO Reporting Category.
Record the employee's pay with the salary sacrifice amount deducted from their pay. The amount offsets the payable liability account. If the salary sacrifice is "paying off" a purchased item, over time the salary sacrifice deducted from the employee's pay will provide a full reimbursement for the purchase of the item.
What super is reportable? Superannuation contributions that exceed the superannuation guarantee amount are reportable, for example salary sacrifice and some salary packaged amounts.
If you make super contributions through a salary sacrifice agreement, these contributions are taxed in the super fund at a maximum rate of 15%. Generally, this tax rate is less than your marginal tax rate. The sacrificed component of your total salary package is not counted as assessable income for tax purposes.
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Salary sacrifice is an agreed arrangement that you have with your employer so that you can receive part of your gross salary as a benefit rather than as a salary. The value of this benefit is paid from your gross salary, i.e. before tax.
Salary sacrificing is also known as salary packaging or total remuneration packaging. You and your employer agree for you to receive less income before tax and in return your employer pays for certain benefits of similar value for you. This means you pay less tax on your income.
To set up a salary sacrifice payroll category Go to the Payroll command centre and click Payroll Categories. Click the Superannuation tab. Click the zoom arrow to open the Salary Sacrifice category. ... Choose the applicable Linked Payable Account. Choose the applicable ATO Reporting Category.
If you choose to leave the excess concessional contributions in super, you need to pay any extra tax and the ECC charge out of your own money. Individuals who make contributions on or after 1 July 2021 that exceed their cap, will no longer be liable to pay the ECC charge.
If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. From 1 July 2022 the eligible age is 60 years old or older. Prior to this it is 65 years old or older.

salary sacrifice super agreement template