Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Salary Packaging question

Salary Packaging question

Old Mar 22nd 2012, 12:13 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Feb 2009
Posts: 84
buchanan has a brilliant futurebuchanan has a brilliant futurebuchanan has a brilliant futurebuchanan has a brilliant futurebuchanan has a brilliant futurebuchanan has a brilliant futurebuchanan has a brilliant future
Default Salary Packaging question

Just wondered if anyone has had any experience of this, my husband and I both work for the same employer and we want to salary package our childrens school fees of $150 a fortnight which we are allowed to do. The lady from the company came and spoke to us yesterday and said we can both claim the $150 a fortnight that we pay in school fees....so basically we would be getting twice the tax benefit...this didn't sound right to me so I queried it numerous times and she insisted it was correct. Has anyone else done this, it seems a bit like we would be committing ATO fraud.
buchanan is offline  
Old Mar 23rd 2012, 12:15 am
  #2  
BE Enthusiast
 
Joined: Mar 2009
Posts: 471
phat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to behold
Default Re: Salary Packaging question

$80,000 gross income (ex superannuation)
total tax payable = $18900 (inc medicare+flood levy)

$80,000 gross income less salary sacrifice of $150/fn = $3900
= taxable income now $76,100
total tax payable = $17653 (ex medicare/flood levy)

saving of $1247 per year or 33% of your school fees from after tax money
phat-dave is offline  
Old Mar 23rd 2012, 12:44 am
  #3  
BE Enthusiast
 
Joined: Mar 2009
Posts: 471
phat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to beholdphat-dave is a splendid one to behold
Default Re: Salary Packaging question

one thing to add is if there is any fbt (fringe benefits tax) though im assuming you are probably in a health or non for profit org which i believe has exemptions....
phat-dave is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.