Can I salary package my health insurance?
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.
Is salary packaging a good idea?
You can benefit as you may pay less income tax. You need to arrange your salary package before you get paid. You can’t package your salary after you’ve earned it. Salary packaging is usually more effective for people on middle to high incomes.
What are the disadvantages of salary packaging?
Some disadvantages of salary packaging are:
- Developing the list of items that can be salary packaged and communicating this to staff.
- Negotiation of the breakup of the salary package when an employee leaves, especially if there are wages or payments outstanding.
Does salary packaging affect your tax return?
Your salary packaging amount is shown on your PAYG payment summary. It is called the Reportable Fringe Benefits Amount. As the term suggests, it is a ‘reportable’ amount – it is not income and not taxed.
Does salary packaging reduce gross income?
Salary packaging reduces your gross salary by the value of the items packaged along with any associated costs, such as the employer’s share of the tax savings and the administration fee. NSW Health offers salary packaging because the benefit is shared between the organisation and staff.
How much does salary packaging increase take home pay?
That’s right, you can actually increase your take home pay with salary packaging and at SDP we are currently offering salary packaging at fees from 1%….The proof is in the figures…
| Description | With Salary Packaging | Without Salary Packaging |
|---|---|---|
| Net take home inc packaged expenses | $95,540.54 | $77,759.49 |
How does salary package work at Barwon Health?
When Barwon Health employees salary package, they reduce their taxable income, therefore increasing their take-home pay, as Salary Packaging allows employees to pay for certain items from their pre-tax salary. At Barwon Health, we offer a wide range of Salary Packaging options including:
How is Barwon Health able to offer tax concessions?
Under Australian Taxation Legislation, Barwon Health is able to offer employees the opportunity to access tax concessions via Salary Packaging.
Why do I want to join Barwon Health?
Utilise this portal as a benefit of being part of an organisation that is committed to professional development and training opportunities.
Where are the Barwon Health sites in Victoria?
Barwon Health’s main sites are located in Geelong, Victoria, 75 kilometres south west of Melbourne. The region is characterised by the multi-award winning Waterfront overlooking Corio Bay, the picturesque Bellarine Peninsula, the Barwon River , You Yangs Regional Park, wetlands, beautiful parklands and wildlife sanctuaries.
