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of your salary entitlements. what is salary packaging?. Rather than paying for some of your expenses in your ‘after-tax’ income, you choose to pay for some of your expenses in your ‘pre-tax income’ . Tax is then payable on the amount left after these expenses are paid.
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what is salary packaging? • Rather than paying for some of your expenses in your ‘after-tax’ income, you choose to pay for some of your expenses in your ‘pre-tax income’. • Tax is then payable on the amount left after these expenses are paid.
why package your salary? • You can reduce your taxable income. • You can potentially pay less tax. • The result – more money for you.
how much extra will salary packaging deliver? • On a salary of $35,000 p.a. our clients achieve an average saving equivalent to an 11.1% pay rise based upon this salary level.
sound to good to be true? • Salary Packaging certainly does sound too good to be true, but it is a legitimate form of tax effective remuneration that is provided by 73% of Australian organisations to their employees.
is it legal? • Salary packaging is a legal practice and is endorsed by the tax department; the Federal Government offers salary packaging to their employees.
how much will be saved by packaging $9,095? Annual Savings Savings Salary Per YEAR Per FORTNIGHT $25,000 $1,304 $ 50 $30,000 $1,304 $ 50 $35,000 $2,054 $ 79 $40,000 - $70,000 $2,704 $104 Examples include Remunerator fees
what expenses can be packaged? • Home Mortgage • Rent • Health Insurance • Utility Expenses • School Fees / HECS • Child, Aged & Disability Care • General Insurance • Credit Card Repayments • Personal Loan • Private Travel Staff can package up to $9,095 towards the above items Maximum $350 per fortnight
Total taxable income $ 40,000 Income tax payable $ 7,110 You take home $ 32,890 Then you pay for: Mortgage/Rent/Utilities/Expenses/Personal Loan etc. $ 9,095 Cash remaining $23,795 sample income with no salary packaging You earn (gross) $40,000
Then you package: Mortgage/Rent/Utilities/Expenses/Personal Loan etc. $ 9,095 Administration Fees $ 236 Total taxable income $ 30,669 Income tax payable $ 4,171 You take home $ 26,498 Cash remaining $26,498 sample income with salary packaging You earn (gross) $40,000
sample income with salary packaging • On an income of $35,000 p.a., you would be in front by $2,704 each year with salary packaging! • That’s $104 extra cash every fortnight!
what else can be packaged? • Meal Entertainment • Laptop Computers • Personal Digital Assistants (PDA’s) • Employer provided car parking (not casual) These items can be packaged in addition to the $9,095 See us to find out more
how you can take full advantage with Remunerator • We help you maximize your salary entitlement • We can pay your expenses directly • We deliver you more money each fortnight • One on one personal assistance • Access to the right information and support
where to from here? • Complete an application form provided, and return to Remunerator - we will design a package and return it to you for approval. • Or, visit a Remunerator representative here at the hospital every second Friday 11 am to 2 pm for a no obligation meeting – No appointment necessary. • Or, contact us for more information ph: 1300 654 834 • Go home and tell your family you just got the equivalent of an 11.1% pay rise*. (*Based on $35,000 p.a. salary)
