My daughter did. It’s brilliant. They take money out before you get taxed, so you okay less tax. But at the end of the financial year, you somehow end up getting shitloads back on your tax return
I have been using my salary sacrifice for car lease, and direct debit for mortgage payments and super contribution which works like clockworks that take the worries away.
I’ve not done it, but in Australia be aware of how the Tax Office may treat salary sacrifice amounts that attract Fringe Benefits Tax. Firstly there are caps on concessional super contributions, which will attract extra tax if exceeded, and amounts which attract FBT can affect payments from other government agencies. I’m not saying it’s a bad thing, but be sure you know all the implications.
I\’ve not done it, but in Australia be aware of how the Tax Office may treat salary sacrifice amounts that attract Fringe Benefits Tax. Firstly there are caps on concessional super contributions, which will attract extra tax if exceeded, and amounts which attract FBT can affect payments from other government agencies. I\’m not saying it\’s a bad thing, but be sure you know all the implications.
Sacrificing to super makes sense if you are on high tax rate already.
Sacrificing for mortgage is not as easy unless the company offers it. From my understanding, it attracts FBT, which is expensive. If company somehow can package it in, I will definitely take it.
My husband has done it for years for our rent and now our mortgage. It saves us quite a bit of money. They just deduct it from his pay and pay it back to him tax free.
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