How to Process a Salary Sacrifice for End of Year Tax Deductions
Sharee_9708214
Member Posts: 1 ✭
How do I process a Salary Sacrifice for Super for a once off End of Year Tax Deductions. I just want to transact the Super Salary Sacrifice and no additional Gross Wages.
When I process I end up with a negative net pay which can not be process.
0
Comments
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Sharee. You can't. A salary sacrifice super is a reduction of a persons gross pay, with a subsequent reduction in the tax paid. You are trying to do the impossible because there is nothing to deduct the amount from. However, the individual may be able to make a personal contribution to their Super Fund and claim a deduction. The following is from the ATO website:
From 1 July 2017, most people, regardless of their employment arrangement, will be able to claim a full deduction for personal super contributions they make to their super until they turn 75. Individuals who are aged between 65 and 75 will need to meet the work test to be eligible to claim the deduction.
The individual better talk to their Super Fund quick or their financial advisor, about how to go about doing this.
John L G0
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