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Example 1: Misc communication or work related expenses
You earn $55,000, have 2 children under 13, and decide to package $5,500 in benefits, comprising a work related mobile phone $900, laptop $2,100 and tools of trade $2,500. You save $3,075 in income tax and GST p.a. Your employer saves $313 in reduced payments for payroll tax and workers compensation premiums p.a.
|
Employee earns |
$55,000 |
|
Salary sacrifice for laptop and tools of trade |
$5,500 |
|
Employee tax savings |
$3,075 |
|
|
|
|
Employer payroll tax and workers compensation savings |
$313 |
Example 2: A car
You earn $30,000, and salary package a $20,000 car under a novated lease and $4,000 pa in running costs. The car travels 20,000 kms a year. You save $1,213 in income tax and GST p.a. Your employer saves $286 in reduced payments for payroll tax and workers compensation premiums p.a.
It is a myth that salary packaging is just for the high income earner. The key issue is - do you have a job ?
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