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Use this to create salary sacrifice Salary Sacrifice pay sub components. The table below lists 3 examples for each salary sacrifice type.
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If you're creating a Salary Sacrifice for Superannuation, then you should make sure the Super Fund Provider already exists. If not then add them as a Vendor prior to setting up the employee's Salary Sacrifice. |
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| Field | Description | Exempt Benefit | Fringe Benefit | Superannuation | ||||
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| Pay Component Type | Defaults depending on the button selected on the employee record | Salary Sacrifice | Salary Sacrifice | Salary Sacrifice | ||||
| Pay Component Sub Type | Select one of the following types of salary sacrifice | Salary Sacrifice-Exempt Benefit | Salary Sacrifice-Fringe Benefit | Salary Sacrifice-Superannuation | ||||
| Description | Defaults from pay component sub type | |||||||
| UOM | Defaults to year | Year | Year | Year | ||||
| Rate | Enter the amount to be sacrificed | $1200 | $1200 | $1200 | ||||
| Amount | Rate | $1200 | $1200 | $1200 | ||||
| Amount Per Period | Amount / Number of Periods | $23.08 (based on weekly pay frequency) | $23.08 (based on weekly pay frequency) | $23.08 (based on weekly pay frequency) | ||||
| Reduce Employer Contribution | Available if you select Salary Sacrifice Superannuation | Select if the amount of superannuation is to be deducted from the amount to be paid by the employer | ||||||
| Is Percentage | Signifies if the calculation is based on a percentage and may need recalculating on pay slips | Can not enter a rate and percentage on same sub component | Can not enter a rate and percentage on same sub component | Can not enter a rate and percentage on same sub component | ||||
| Percentage Type | Available if you select Is Percentage | Salary Sacrifice | Salary Sacrifice | Salary Sacrifice | ||||
| Percentage | Available if you select Is Percentage | |||||||
| Payee | Select the Vendor that will receive this payment | Select your Super Fund Provider | ||||||
| Balance Sheet Account | Defaults from the vendor selected | Superannuation Payable | ||||||
| Start Date | Start date that this pay component becomes valid | |||||||
| End Date | Leave blank | |||||||
| Department | Enter if required | |||||||
| Class | Enter if required | |||||||
| Location | Enter if required | |||||||
| FBT Record | Available if pay component sub type is Salary Sacrifice-Fringe Benefit | Select/create FBT record for the employee | ||||||
| Range Amount | ||||||||
| Reference | ||||||||
| Current | Marked | Marked | Marked | Marked | ||||
| Loading Rate |
To add another Pay Component, go back to step 11. Add Pay Components.
Or, move onto step 10. Add Super/Pension Funds12. Finish Up.