What is Salary Packaging?
Salary Packaging allows you to pay for certain expenses out of your salary before you have been taxed. This can potentially reduce your taxable income and in turn reduce how much tax you pay!
This means you can keep more of your hard earn dollars to put towards the things that you really enjoy.
What can you Salary Package with OptIn?
What you can salary package is largely dependent based on the type of employer you work for but typically you can salary package the below items;
Cars
Salary packaging for a car or a novated lease is a great way to reduce the cost of owning a car. It allows you to pay for some of the car and its running costs out of your salary before you have been taxed.
Portable electronic devices
Laptops, tablets and mobile phones primarily used for work purposes can be salary packaged. This could mean you could save the tax and the GST on the purchase.
Relocation expenses
If you are relocating for work you could salary package certain costs and save on tax!
Airport lounge memberships
Get access to airport longes for less by using your pre-tax income.
Remote area expenses
If you work and live in a remote area you could salary package up to 50% of your rental costs without incurring FBT. If you have a mortgage you could package your interest costs and only pay 50% of the FBT.
Self-education
Looking to up skill for that next promotion. You could salary package a course, books, seminars or conferences.
Find out more?
To find out more about what items you might be able to salary package, contact us today
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