New South Wales Consolidated Acts

PARLIAMENTARY REMUNERATION ACT 1989 - SECT 14F

14F Salary sacrifice arrangements

(1) A member may elect, by notice in writing to the designated employer, to make additional superannuation contributions by way of salary sacrifice contributions.

(2) A "salary sacrifice contribution" is a contribution paid in accordance with an approval by the designated employer under which the member elects to forgo remuneration yet to be earned and the remuneration foregone is to be applied by the designated employer as a superannuation contribution to a superannuation fund, approved deposit fund or retirement account.

(3) An election may be made at any time, but only in respect of future salary payments.

(4) An election is to specify the percentage or amount of the member’s basic salary and additional salary (if any) payable to the member that is to be used to make the additional superannuation contributions.

(4A) If an election is made by a contributor to the PCSS, the election is to specify that the additional superannuation contributions are to be paid to one of the following:

(a) the First State Superannuation Fund,

(b) a complying superannuation fund,

(c) a complying approved deposit fund,

(d) a retirement savings account.

(5) An election is to be in the form approved by the designated employer and to be accompanied by the information required by the designated employer.

(6) A member may elect, by notice in writing to the designated employer, to vary or revoke an election.

(7) An election takes effect when it is approved by the designated employer and the trustee or administrator of the superannuation fund or account concerned.

(8) If an election is in force under this section:

(a) the basic salary and additional salary (if any) otherwise payable to the member is to be reduced by the amount of the contributions (despite any other provision of this Act), and

(b) any such contributions are to be paid to the First State Superannuation Fund, or to another complying superannuation fund, a complying approved deposit fund or a retirement savings account nominated by the member for that purpose under section 14E or this section.