Salary Packaging benefits all employees
There is a common misconception that salary packaging only benefits high income earners. Changes in Australian tax legislation over the last 15 years means that salary packaging can benefit almost anyone. If you earn a regular salary (wage) and your Employer is willing to allow it, salary packaging may save you thousands of dollars each year.
What is Salary Packaging?
Salary packaging (or salary sacrifice – as it is commonly referred) is an arrangement between you and your Employer which allows you to sacrifice part of your cash salary in return for a benefit of equal value. By sacrificing part of your taxable salary, you reduce the amount of income tax payable thus increasing your take-home pay.
Salary Packaging in Action
Salary Packaging | Taxable Income | Tax Payable |
|---|---|---|
Without | $70,000 | $13,188 |
With | $60,000 | $9,888 |
Salary Packaging Calculator
What items can I salary package?
I work for a public/private commercial business
I work for a hospital
I work for a public benevolent institution (PBI)
I work for a not for profit organisation
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