DAVID.CHRISTINE

salary sacrifice

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    for arguments sake, you earn $1000 per week, = $52k a year taxable income, If you choose to salary sacrifice then you only pay tax on $36000 a year.

    Depending on your actual income you can have approx $200 per fortnight a week more. The $16000 of untaxed income has to be paid towards things like Mortgage, rent, utility bills, etc

    Its money for nothing, i'd say go for it, you have absolutly nothing to loose :)

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    Absolultey! go for it...my work does it...i keep meaning to look at it myself and havent done anything about it! lol...........funny really, as i do payroll and process everyone elses!

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    I think what Maria is saying is right but some places only let you salary sacrifice to your superannuation which certainly went backwards for a few of us that were doing that because of what is happening in the sharemarket worldwide. If you work in a hospital or a place that has PBI status (Public Benelovent Institution - I think) then you can also sacrifice to the items that Maria has said.

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    yes depending on where you work, the level you can sacrifice can vary up to a max of i think $16050.00p/a. You have to provide evidence on what you pay out such as rent / mortgage, loans, school fees up to the value you are able to sacrifice. The value of your sacrifice is then divided up weekly or fortnighly or however you get paid. The funds are then deducted from your salary and you then pay tax on the remaining salary. Then the funds are then returned to you as a tax free payment. It is worthwhile as it is a great tax savings.

     

    Hope that makes sense.

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    I'd think if it was acompany car then they'd have to pay for it, but you could choose to lease a car, if thats the case then yes salary sacrifice would cover it with some left over each month i'd think

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    I think if they pay for the company car doesn't that count as a fringe benefit?

     

    Or are fringe benefits the same as / include salary sacrifice? :confused:

     

     

    Mel

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