These deductions are matched, subject to income, by a Government contribution of $1.50 for each $1 contributed by the employee.
SS
Salary Sacrifice
Yes
Super contributions deducted from employee before tax. PAYG tax is based on the employee’s gross pay after the salary sacrifice deduction is made.
SP
Spouse Contributions
No
Contributions made by employees on behalf of their spouses.
MV
Member Voluntary
No
Used for voluntary employee contributions. These contributions, or deductions from payroll, are not treated as a salary sacrifice. Thus tax is applied to the regular gross payment and then the deduction is made. The amounts can either be a percentage or a fixed amount.
Where an employee contribution, (ie deduction) affects PAYG tax, the employee's gross pay is reduced by this amount prior to the tax calculation being done by QuickBooks. Thus the employee receives the benefit of a reduced PAYG tax amount at the time of payment.
