Extra cash…??? Know the benefits of Salary Packaging…
Top benefits of Salary Packaging that would let you gain some extra cash….
Salary Packaging is an Australian Taxation Office approved way of paying for some everyday items and living expenses with your pre-tax salaries. It enables you to lower your taxable income and increases your take-home net pay, giving you more money in your pocket to spend and do things that you love. This means you can increase your cashflow by calculating tax deductions from your gross income each and every pay period- think of it as play packets and not pay packets.
How does this work?
The amount you can save on your tax would depend on your income, the benefits available to you and the types of expenditures you choose to package into your salary.
What can you Salary Package?
Here are few main salary packaging benefits available for employees/ individuals:
- Newspapers, journals & magazines
- Professional memberships or subscriptions
- Relocation expenses
- Home-office expenses
- Company products and services
- Car parking
- Travel and transport
- Mobile phone
- Computer software
- Income protection insurance
- Investment loans
- Novated car leasing
- Any special items such as uniforms
For example, we have demonstrated how much you can take the home pay on a salary of $70,000 + super per year with $30,108 of structured allowances.
|EXAMPLE||With PAYG||With Salary Packaging|
|Superannuation (9.5% of taxable income)||$6,650||$4,037.89|
|Salary Sacrifice for Super
(As per ATO Tax
By using Salary Packaging, you increase your net cashflow by $8,021.89 annually.
So, don’t miss out on some extra cash and flexibility in your life and contact us at for you to get more time to enjoy life…