Salary sacrifice

You can arrange with your employer to make extra contributions to your super using salary sacrifice. Salary sacrifice involves you contributing to superannuation before tax. This means that instead of paying 31.5%, 41.5% or 46.5% personal income tax you pay a maximum of 15% on contributions. This means that you’ll be investing more into your super compared to making the contributions after tax, and therefore you’re super will grow faster and you’ll have more in retirement. Click here to do your own example based on your income and desired contribution using Smart Salary's * Salary Packaging Calculator. Smart Salary are the DEECD’s chosen provider for salary packaging. We have a well established relationship with Smart Salary and are in the position to handle all your salary packaging needs in conjunction with Smart Salary. FRINGE BENEFITS TAX ALTERATIONS TO NOVATED LEASES– Flat 20% fringe benefit tax regardless of kilometers travelled *Caution: Using these calculators provides a useful starting point, however, calculators cannot replace expert, licensed financial advice and should not be used as the basis for any investment decision. You can build a full understanding of your position by working with a qualified financial planner to develop a plan based on your personal situation. These links have been provided with permission for informational purposes only and will take you to external websites, which are not connected to Edsuplan in any way. Edsuplan does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page. For more info Contact us.

 

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