Salary Packaging in Australia | Save More On Your Take Home Pay
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- Опубліковано 28 чер 2024
- Hey guys,
In this video, I’ve gone over the concept of Salary Packaging/Sacrificing in Australia.
Salary sacrificing in Australia is a tax-efficient method that allows employees to allocate a portion of their pre-tax income towards specific benefits or expenses. This reduces their taxable income, potentially lowering their overall tax liability.
Popular options include directing funds into
- Everyday Expenses Cards
- Meal and Entertainment Cards
- superannuation,
- Novated Lease : getting a new car
Salary-sacrificed super contributions are particularly attractive as they offer tax advantages and assist in long-term retirement planning.
However, there are limits and regulations governing these arrangements, which can differ based on the benefit chosen. It's important for you to understand the impact on your take-home pay and eligibility for government benefits.
Seeking financial advice and consulting HR or tax professionals is recommended to ensure alignment with individual financial goals and legal compliance.
Guys correct me if I’m wrong, but basically all government workers are helped out, my mother is a nurse and she can salary sacrifice 600$ from her pay BEFORE tax so she is only taxed on the remaining amount, 2 days after the money is taken she receives back in her bank account tax free, for people without working for government you can still salary sacrifice but it goes straight into super fund, I’m in construction and I salary sacrifice 200$ weekly so I no longer get taxed on that money at the normal tax rate of 32.5% however super still taxes your salary sacrifice at a lower rate of 15% basically if you work for government u will be looked after, tax is robbery let’s be honest only people that benefit from the tax system are those on Centrelink that take your hard earned tax money
No matter how many times or how many people try to explain to me what salary packaging is I still don’t understand, I must be slow or something like that…
A video on how Novated Lease works would be great!
Sure thing! :)
Does EOI 75-80 points enough for RN in NSW ? i know rule change every year but what's your opinion? thank you .
Hi dear,
Hope you are doing well !
do you have an idea or know how the assessments such as exams and assignments are done and taking place there in Australia related to a nursing degree specifically the applicants can enter with a general degree in an any given field..
I want to know about the assessment criteria of programs such as Bachelors of nursing (graduate entry) program and Masters in Nursing (graduate entry).
🙏.
Can AIN get salary sacrificing....like if you're working as a casual worker and on student visa underage govt. Hospital/healthcare centre ??
Hi,
Only full time and part time workers are entitled to salary sacrificing unfortunately
I got approved even i am casual employee.