Victorian Numbered Acts Victorian Numbered ActsAfter section 23(2) of the State Employees Retirement Benefits Act 1979 insert —
'(2A) An eligible salary sacrifice contributor may by notice in writing to his or her employer elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0·1% in accordance with the following formula—
where—
"M" is the applicable member contribution rate in accordance with sub-section (1) without salary sacrifice;
"R" is the tax rate for the financial year on taxable contributions to the Fund under the Commonwealth Income Tax Assessment Act 1936.
(2B) An election under sub-section (2A)—
(a) can only be made if there is in force an agreement between the employer and the member under which the employer can make the member contributions required by this Act by way of salary sacrifice;
(b) is subject to the terms and conditions specified in the agreement referred to in paragraph (a);
(c) can only be made in respect of the whole of the member contributions;
(d) can not be made in respect of any contributions made by a member in addition to the member contributions required under sub-section (1).
(2C) Member contributions made in accordance with the rate determined under sub-section (2A) are for the purposes of this Act (other than sections 74CA to 74CC) to be taken to be—
(a) the member contributions required to be paid under this Act; and
(b) the member contributions that would have been payable if an election had not been made under sub-section (2A).
(2D) An election under sub-section (2A) does not affect the amount that would otherwise constitute the salary of the member for the purposes of this Act.'.