Four things you didn’t know you could salary package
Four things you didn’t know you could salary package
Salary sacrificing. It sounds a little scary, doesn’t it?
Well, it isn’t. In fact, it’s quite the opposite when you consider the potential savings. A more applicable term might be salary stretching.
With salary sacrificing, you're paying for benefits with before-tax money, your taxable income could be lowered, and take-home pay potentially boosted. Hence the stretching analogy.
Here are four benefits eligible to all Government of South Australia employees that you may not have known you could salary package.
LAPTOPS, TABLETS AND HOME OFFICE
Stay connected – even when you’re away from the office. You can salary package one laptop or portable device each year if it is used primarily for work. You may also be eligible to salary package the cost of other selected home-office supplies – tax-free. More information here.
SELF-EDUCATION
Whether you’re keen to learn a new skill or build on existing knowledge, you can use pre-tax dollars to pay for the cost of job-related education. And when you salary package your education you don’t have to wait until tax time to claim your expenses. More information here.
PROFESSIONAL MEMBERSHIP AND SUBSCRIPTIONS
Part of a union or other professional organisation? Subscribe to an industry-related publication? Then you can salary package the cost of membership and/or annual subscription fees. Click here for more information on how you can stay informed while potentially saving on tax.
ADDITIONAL SUPERANNUATION
Boost your retirement nest egg – and enjoy the potential tax savings now! While your employer already processes regular superannuation contributions on your behalf as part of your standard salary, making additional contributions to a complying South Australian Government Superannuation Fund – such as the Super SA Triple S Scheme – can go a long way. Additional super contributions are subject to just 15% contribution tax – that means 85 cents of each dollar goes directly into your superannuation fund. Use the salary packaging calculator to estimate how much you could save.