The phrase is casual and often used among friends, not in formal situations. Let's just sack off the revision session and watch a movie.
Pro Tip 2/3
No-Show Implication
Implies an element of unreliability or irresponsibility when skipping commitments. He sacked off the meeting without any notice.
Pro Tip 3/3
British Slang
Predominantly a British term, might not be understood or even used by English speakers from other regions. I'm going to sack off this lecture and grab a cuppa instead.