What can you salary package NSW Health?
You can package up to $9,009 of your salary. Salary packaging is recognised by the Australian Taxation Office (ATO) as a fringe benefit. Fringe benefits provided by NSW Health are not liable for Fringe Benefits Tax (FBT) because NSW Health is registered with the ATO as a Public Benevolent Institution.
What expenses can be salary packaged?
Depending on your employer and the industry or sector you work in, you could be eligible to salary package a range of expenses, including:
- Additional superannuation.
- Aged care & disability costs for a loved one.
- Car parking.
- Child care.
- Clothing.
- Disability / income protection insurance.
- Financial advice.
- Groceries.
What is salary packaging NSW?
Salary packaging allows you to receive part of your pre-tax remuneration in the form of benefits rather than receiving it all in salary. Salary packaging restructures the way in which you receive income, which may maximise disposable income.
How does salary packaging work?
Salary packaging is when you arrange to receive less income after tax, in return for your employer paying for benefits out of your pre-tax salary. The benefits could be things like a car or a phone. For example, you might package a salary of $100,000 so that you receive: $85,000 as income.
Is salary packaging worthwhile?
While salary sacrificing can work for some people, it won’t be worth it for others. Salary sacrificing is usually most effective for middle to high-income earners, while there are little to no tax savings for people who are already in a low tax bracket.
Is salary packaging a fringe benefit?
Salary packaging reduces your taxable income and is then represented on your PAYG payment summary as Reportable Fringe Benefits. Salary packaging enables you to reduce your taxable salary, and as a result, pay less income tax.
Is salary packaging a good idea?
How does salary packaging affect Centrelink payments?
Salary packaging should not impact your Centrelink entitlements (compared to someone not salary packaging). This is because Centrelink will assess you on the ‘cash’ (net) value of salary packaging, not the grossed-up value.
Who is eligible for salary packaging?
To be eligible for salary packaging, you need to be permanent full time, permanent part-time or temporary employees a contract of at least three months duration.
Does NSW Health salary include super?
Such payroll deductions may include but are not limited to superannuation payments, HECS payments, child support payments, judgement debtor/garnishee orders, union fees, and private health fund membership fees.
Does salary package include super?
Salary packages typically include your base salary as well as additional benefits, incentives or rewards, such as superannuation, annual and sick leave, car allowance or bonuses. With a salary package, money is usually deducted from your salary before tax for these items or services.
