salary sacrificing

[Traveller]

Thanks this is beginning to make sense now

[nothing2lose]

It works for me because I don't get any CL or FAO payments, don't have a HECS debt and don't get child support but some colleagues don't do it because of those reasons. You really need to do your sums to see if it's worthwhile for you.

[LizLemon]

I see a lot of nurses in particular who get caught with the HECs. The employer spruiks the awesomeness of salary sacrificing but doesn't warn them.

[sweetpea678]

Hi,

I've been SS for years, you report to cl your arable and then grossed uped SS, cl then uncross it to a point so it is similar to your normal income without Ss for cl purposes, for Medicare Levi, he's repayments they take your grossed uped amount. Both my husband and I SS as we both have access to it, makes a big difference to our money.

The only other thing is if you pay/get child support they take your grossed up amount.

Hope this helps.

[feeb]

Salary packaging is awesome!! Before i had kids when i was working 4 a week I did my credit card so I stipulated an amount to be taken out fornightly from pay, o sent in a heap of statments showing payments and then the day after pay I got the money back in my account. That come from the set amount max you can do a year for that. I also did a meals and entertainment card so I said how much a fortnight I wanted taken out and they put it straight on this visa meal card they sent me, so we would go out for dinner with friends I would pay on card and everyone would give me money to cover there share.

I am about to start again and do the living expenses card but wont be as great only working 1 day a week at the hospital.

You do want to be careful salary packaging while you have a HECS debt, you can do it but please speak to pay roll and work out how much extra you need to request to pay to HECS so that when you do Tax you actually get your return and not have it all go to HECS.

[Trillian]

Centerlink DOES count it towards your reportable income. Also be careful that you don't cross over into fringe benefits territory because of the tax implications. We had a car salary sacrificed and it was fantastic, but now that they have changed the rules it's not so worth it. It is also only really worth it if you earn over about $60-70k per year - but that was back before the rules changed, so that may not matter so much anymore. This is what centerlink have to say about it;

Reportable fringe benefits for Family Assistance and Child Support (yearly amount)

You need to include fringe benefits (or employer provided benefits) you or your partner gets from your employment such as:

• help to pay your rent or home loan;
• a home phone;
• a car;
• school fees for children;
• your health insurance premiums;
• your child care expenses paid by your employer.

You will find this amount recorded on your Payment Summary (formerly called group certificate) at the end of the financial year. You can ask your employer to tell you the expected amount for the relevant financial year. The amount recorded on a Payment Summary for the financial year ending 30 June (of the current financial year) relates to fringe benefits received between 1 April and 31 March (of the current financial year).

the ato has some info here about it too http://www.ato.gov.au/individuals/co....htm&page=4&H4