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So instead of paying your marginal tax rate, you can sacrifice pay now and pay tax at the rate of only 15 per cent on that sacrificed amount.Your employer pays the sacrificed portion of your pay into your chosen fund and your take-home pay drops accordingly.
You will need a letter confirming this from Centrelink or the Department of Veterans’ Affairs.
Choosing to quote your TFN will also make it easier to keep track of your superannuation in the future.
Founded in 1907, the Queensland Trucking Association Ltd (QTA Ltd) is the peak industry body for road freight operators in Queensland.
Therefore, you should enter into a written agreement with your employer before proceeding.
Should you have doubts, seek specific advice Superannuation balances are preserved, which means they must remain in the superannuation system and be accessed only in retirement.