Salary Packaging
 

Hi there

Does anyone know where to go for independent advice on salary packaging?

Simply put I want to know if it will make sense for me to salary package my rent but when I called to make an appt with an accountant they said they couldn't advise on that and my employer isn't being very helpful either!

Has anyone got any idea how I can work this out for myself or how to get advice on it?

thanks

Re: Salary Packaging
 

Look for financial advisors in the yellow pages?

Salary packaging stuff like rent is pretty much a no brainer. If your employer will package rent then you are onto a winner. Basically it means that your rent is taken out of your salary before they work out how much tax you pay. You may find that you can package more than that if you pay low rent and are an NGO or Health (think it is around $16k pa or $610ish per fortnight) There is usually a small fee - about $10 I think.

Re: Salary Packaging
 

Accountants may not know much about this. You need a salary packaging company. I went with cxc global after haggling with them on their fee. They have been v. good so far. Are other companies out there. Search on google, get their e-mail. Mail them with your situation and wait for them to get in touch

Re: Salary Packaging
 

My employer salary packages my rent. Saves me loads of money and most of the people at the hospital I work for do it.

Re: Salary Packaging
 

Definately worth doing in my opinion.

Re: Salary Packaging
 

I have salary packaged mortgage payments for the last 4 years, its a win win situation. I also have an entertainment card which goes out of my wages before tax. Usually you only find the gov jobs that package rent or mortgages.

Jo

Re: Salary Packaging
 

Oh and I use a company called remserve to salary package and I work for a private hospital, depends on your employer as to whether they do salary packaging. You can look them up at remserve.com.au I'm sure there are others too but this is the one I use.

Re: Salary Packaging
 

I work for a charity which is why I can do it I think. The one thing is that my employer has said that I can package my rent which they will pay but if they are then liable for fringe benefits tax because of this I'll have to pay it that's why I need advice as to whether it's worth it or not..

Thanks for the advice..

Re: Salary Packaging
 

Get advice from a financial advisor. But in the mean time here is some light reading for you :)

http://www.ato.gov.au/nonprofit/cont...tent/33609.htm

Re: Salary Packaging
 

I have to declare fringe benefit tax in my return each year, still get a rebate. I have done the assessment with and without the FBT in my return and it didnt affect my tax rebate at all. I dont think you can lose on this one. All my friends who do it earn between $20k and $100k and none of them take a loss at tax time. Its the other salary package stuff that can sting you like cars. Of course this is just my observation.

Jo

Re: Salary Packaging
 

The people who work for charities and hospitals etc., are the ones who get the best salary packages, as the employers do not have to pay FBT.

However, there has been something mentioned about removing this benefit, therefore it is something that could change at any time in the future, no matter what is being done right now.

This is one of the Henry tax review proposed changes.

You can read more about this at: http://www.theaustralian.com.au/busi...-1225845504774