Create Salary Sacrifice
Use this to create Salary Sacrifice pay components. The table below lists 3 examples for each salary sacrifice type.
Important!
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.
Employee Setup Guide
| Field | Description | Exempt Benefit | Fringe Benefit | Superannuation |
|---|---|---|---|---|
| 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 12. Finish Up.