Salary packaging is an alternative way of being paid your annual
remuneration, to optimise the benefits you receive. Some of your gross
salary is sacrificed in return for non-cash, employer provided benefits.
Careful selection between benefits and cash can enable you to
increase your disposable income by a reduction in total taxes paid.
The key to developing a successful salary package is to have a clear
view of your immediate and future personal requirements. Our specialist
salary packaging consultants can help you to salpac your remuneration
in the most effective way.
It’s not just a matter of what is provided, but how the benefit is provided that determines the tax implications.
The valuation of any benefit depends on:
1. the type of benefit;
2. how the benefit is provided; and
3. the fringe benefits tax status of the employer.
There are three main areas of salary packaging you may like to consider:
- Packaging a motor vehicle
A car is provided by your employer, usually through a novated lease or an associate lease.
- Expense items
General payments made as a benefit – including regular payments such as mortgage or health insurance.
- Superannuation
The
ability to package extra superannuation using pre-tax money provides
future security at a time when contributions tax rates are being
reduced by Government.
You need to discuss the availability of salary packaging for
employees with your employer before contacting Salpac about a program.
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