Salary Sacrifice Agreement

The Salary Sacrifice Agreement (“Agreement”) is made on the date specified in the Schedule, as the Date of Agreement.

PARTIES

The person named and described in the Schedule as Peoplebank Australia Limited ABN 42 003 995 748 ("Peoplebank").
AND
The person named and described in the Schedule as the Contractor ("Contractor").

RECITALS

1. Peoplebank and the Contractor entered into a contracting Agreement on or before the Date of Agreement.
2. Peoplebank has offered, and the Contractor has accepted, a salary sacrifice arrangement, to commence from the Date of Commencement, as evidenced by the terms of this Agreement, under which the Consultant has agreed to forego part of their rate of pay, in return for the specified benefit of equivalent value.

CONDITIONS

1. This salary sacrifice agreement, is a binding agreement between Peoplebank and the Contractor, and must be signed and returned to Peoplebank, prior to the commencement of the salary sacrifice arrangement.
2. By signing the agreement, the Contractor acknowledges that their wages may be less than represented in their employment documentation. Where this occurs, the Contractor accepts that Peoplebank will have no liability in respect of that shortfall.
3. If Peoplebank becomes liable for any additional obligation as a result of the sacrifice arrangement, including additional taxes or other costs, the Contractor will compensate Peoplebank for any such costs.
4. The Contractor agrees that he or she has purchased the item, and have paid all costs associated with the purchase.
5. The Contractor agrees to be bound by the Terms and Conditions set out in this Agreement.
6. FBT Declaration :
   

   Where the item being salary sacrificed is an exempt benefit, the Contractor declares that the item purchased is predominately for work purposes and declares that this is the only claim of this item for the current Fringe Benefit Tax (FBT) year.

   Where the item being salary sacrificed is an otherwise tax deductible item, the Contractor declares that the item is being used for earning assessable income and had the item not been reimbursed and salary sacrificed by Peoplebank the Contractor would have been able to claim a 100% tax deduction.

7. The Contractor acknowledges, and accepts, that Peoplebank has no liability for the Contractor’s taxation or any other outcomes resulting from entering into this agreement.
8. The terms of this Agreement remain confidential between the Contractor and Peoplebank.
9. The Contractor acknowledges that it is his, or her, responsibility to seek independent financial advice, before accepting the Agreement.
10. The arrangement will immediately terminate if any law of the State, Territory or Commonwealth is breached by its operation.
11. Should the contract arrangement cease prior to the commencement of the salary sacrifice arrangement, the salary sacrifice agreement will be classified as null and void.

Salary Sacrifice Agreement

SCHEDULE