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To develop sound finances, you must first have a solid beginning.
If you’re working in a public, private or not-for-profit hospital and you’re currently not salary packaging, you’re probably missing out on a lot of tax savings. Now that you’re working full-time and earning a larger salary, it is important to be aware of all your options.
You’re now eligible to salary package up to a limit of $9,010 tax free every Fringe Benefit Tax (FBT) year.
- Check your employment agreement to ensure your employer agreement to ensure your employer does offer salary packaging options for your appointed employment position.
- Obtain necessary forms via your payroll division or the outsourced provider
- Alternatively, speak to us about how to set up an effective salary package.
What is generally involved in setting up an ‘effective salary package’?
The easiest and most tax effective way to benefit is by packaging your loan/mortgage repayments, rent payments or finally your credit card.
The necessary forms should be complete prior to your first pay run to ensure you obtain the benefit from commencement.
Consider the FBT year and commencement of employment to determine whether you can benefit from an increased package amount per pay run until the end of the first FBT year.
What can I do if I am already salary packaging with my employer?
We’re always happy to review your current package. Speak to us about reviewing your salary packaging options to ensure you are maximizing your benefits.
We have had various instances where employees are not reviewing their current arrangement and are packaging items that are otherwise deductible, that is expenses for which you are eligible to claim a tax deduction.
