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Salary Packaging

Salary Packaging

Old Sep 16th 2010, 1:26 am
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Default 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
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Old Sep 16th 2010, 2:29 am
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Default 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.
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Old Sep 16th 2010, 2:36 am
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Default 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
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Old Sep 16th 2010, 6:29 am
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Default 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.
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Old Sep 16th 2010, 6:47 am
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Default Re: Salary Packaging

Definately worth doing in my opinion.
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Old Sep 16th 2010, 8:15 am
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Default 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.

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Old Sep 16th 2010, 9:29 am
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Default 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.
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Old Sep 16th 2010, 10:34 am
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Default 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..
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Old Sep 16th 2010, 10:59 am
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Default Re: Salary Packaging

Originally Posted by hotfuss View Post
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..
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
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Old Sep 18th 2010, 10:39 am
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Default Re: Salary Packaging

Originally Posted by hotfuss View Post
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..
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.

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Old Sep 18th 2010, 1:18 pm
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Default Re: Salary Packaging

Originally Posted by hotfuss View Post
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..
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
 

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