Updated 15 September 2006
Our new calculator shows you the effect of making salary sacrifice contributions into SASS.
The calculator is designed to assist you to determine the total contributions you need to remit for an employee.
More information and links to the calculators...
The Superannuation Legislation Amendment Act 2006 included amendments to the SASS legislation that will enable you, from 1 April 2007, to pay your compulsory personal SASS contributions as Salary Sacrifice contributions.
View the SASS Salary Sacrifice information flyer... [
PDF Document]
Deferring your benefit on resignation, discharge or dismissal may result in a higher benefit as it includes most of the employer-financed component of your benefit.
Commonwealth provisions generally require part of your superannuation benefit to be preserved until you cease employment from age 60 or retire from the workforce at or after your preservation age (between 55 and 60). Your preserved component is also immediately payable if you are permanently incapacitated or die. For more information about the compulsory preservation rules, see When can I be paid my superannuation benefits? (STC fact sheet 4) and the annual benefit statement we send you toward the end of each year.
SASS benefits come in three parts:
Any Commonwealth Government Co-contributions allocated on your behalf are also payable.
You will need to settle any contributions surcharge tax applicable to your account before a benefit can be paid.
Please note that the features of SASS detailed in this fact sheet are the standard features as set out in the scheme's governing legislation. There are some variations to those standard features for certain members who transferred into SASS from earlier closed schemes. These variations include a different retirement age and employer-financed benefit value, and the availability of a pension option. Your own entitlements are detailed in the SASS annual benefit statement we send you towards the end of each year.
The benefit values described in this fact sheet are before tax amounts. Since 1 July 1988, Commonwealth tax at the rate of 15% has been payable on employers' contributions. As a result, employer-financed benefits paid for service from 1 July 1988 have been reduced by 15%. However, the benefit reduction is offset by lower personal taxation payable when you receive the benefit. The amounts shown in the annual statements we send you each year are calculated after the benefit reduction has been applied.
Before payment, the benefit calculated will also be reduced, if appropriate, by any contributions surcharge tax debt, or benefit amounts already paid to you on financial hardship or compassionate grounds.
The State Authorities Superannuation Scheme (SASS) is administered by Pillar Administration on behalf of the Trustee, SAS Trustee Corporation (STC). SASS is governed by the State Authorities Superannuation Act 1987, the State Authorities Non-contributory Superannuation Act 1987 and the Superannuation Administration Act 1996. The Scheme is also subject to Commonwealth superannuation and tax legislation.
Reasonable care has been taken in producing the information in this Fact Sheet and nothing in it is to be regarded as personal advice. If there is any inconsistency between the information in this Fact Sheet and the relevant Scheme legislation, the Scheme legislation will prevail. In preparing this Fact Sheet, STC has not taken into account your objectives, financial situation or needs and, because of this, you should consider your personal circumstances and possibly seek professional advice, before making any decision that affects your future.
To the extent permitted by law, STC, its directors and employees do not warrant the accuracy, reliability or completeness of the information contained in or omitted from this Fact Sheet.
