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Salary Packaging

Salary Packaging

Old Mar 12th 2007, 3:25 pm
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Default Salary Packaging

Hi everyone,

Just wondered if anybody could explain the concept of salary packaging in laymans terms for me/us. I'm going out to Melbourne on a 457 visa, is it advisable to partake in the salary packaging scheme as I may not be in the country for more than 4 years? If so why? Also would anyone mind explaining the benefits.

Many thanks

Jonny
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Old Mar 12th 2007, 3:50 pm
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Default Re: Salary Packaging

Originally Posted by parsonsjonny View Post
Hi everyone,

Just wondered if anybody could explain the concept of salary packaging in laymans terms for me/us. I'm going out to Melbourne on a 457 visa, is it advisable to partake in the salary packaging scheme as I may not be in the country for more than 4 years? If so why? Also would anyone mind explaining the benefits.

Many thanks

Jonny
Basically if you get payed $1000 a week the company can salary package say $200 of this to go into your mortgage for instance. This means you only pay tax on the $800 left in your wages.
Thats a very basic way of looking at it. Its a good scheme though.
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Old Mar 12th 2007, 4:11 pm
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Default Re: Salary Packaging

Originally Posted by parsonsjonny View Post
Hi everyone,

Just wondered if anybody could explain the concept of salary packaging in laymans terms for me/us. I'm going out to Melbourne on a 457 visa, is it advisable to partake in the salary packaging scheme as I may not be in the country for more than 4 years? If so why? Also would anyone mind explaining the benefits.

Many thanks

Jonny
I salary sacrifice $600 a fortnight onto my credit card also another $100 a fortnight towards meals out. It saves a fortune on my tax bill. I'm looking at buying a laptop which can also be sacrificed at the minute.

Mandy
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Old Mar 12th 2007, 9:33 pm
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Default Re: Salary Packaging

Cheers for the reply's, think I've got the idea now
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Old Mar 12th 2007, 10:23 pm
  #5  
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Default Re: Salary Packaging

Originally Posted by parsonsjonny View Post
Hi everyone,

Just wondered if anybody could explain the concept of salary packaging in laymans terms for me/us. I'm going out to Melbourne on a 457 visa, is it advisable to partake in the salary packaging scheme as I may not be in the country for more than 4 years? If so why? Also would anyone mind explaining the benefits.

Many thanks

Jonny
http://www.ato.gov.au/super/content.....htm&page=1&H1
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