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Income Tax Tips

Salary Sacrifice

Salary sacrifice can be a very effective way to reduce the amount of tax you pay and put more money in your pocket. There are now very few restrictions on what you can ask your employer to salary sacrifice.

There are three main types of benefits which can be salary sacrificed.

1) Fringe Benefits

Fringe Benefits Tax (payable by the employer) may apply to the following types of Salary Sacrifice. Fringe Benefits generally include;

  • Cars
  • Property (including goods, real estate, and shares or bonds)
  • Expense Payments (loan repayments, childcare, phone bills)

2) Exempt Benefits

Exempt Benefits are exempt from Fringe Benefits Tax. Exempt Benefits include;

  • A Portable Electronic Device (Laptop, PDA etc)
  • A Computer Software Item
  • An Item of Protective Clothing
  • A Briefcase
  • A Tool of Trade

3) Superannuation

Superannuation can also be salary sacrificed. You can salary sacrifice up to 30,000 dollars of your income per year to your Superannuation if aged under 60, and $35,000 if aged 60 and over.

If you are being taxed at the maximum rate of 46.5% this will bring your tax rate down to 15% saving you a considerable amount of money.

Government Matched Superannuation Contributions

If you current after tax income is less than $35,454 dollars per annum and you contribute to your own Superannuation the Government will match your contribution at a rate of 50cents for each dollar contributed up to a limit of $500.00.

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