(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--
(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.