The nature of the salary sacrifice election

Current

(1)

The person may elect to forgo a percentage or amount of the base salary that he or she would otherwise expect to receive and instead have contributions (the additional contributions) made to a specified fund, scheme or account (the additional contributions fund).

Note:

An election can be varied or revoked (see sections 22 and 23).

(2)

The specified fund, scheme or account must, at the time the election is made, be either:

(a)

a complying superannuation fund; or

(b)

an RSA.

(3)

There can only be one additional contributions fund at any particular time in relation to the person.

This Act’s bill:Explanatory memorandum Second reading speech

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18 The nature of the salary sacrifice election