Category Archives: Salary packaging

29 May 2014

The salary packaging world can be a bit confusing, and the technical terms don’t help matters! Here’s a look at some of the jargon you may come across and a brief explanation of what each term means: Salary packaging – also known as salary sacrifice, salary packaging is an Australian Tax Office (ATO) approved way of restructuring your income. It enables you to buy a range of everyday items out of your pre-tax salary rather than your after-tax salary – leaving more money in your back pocket. Threshold or cap – employees of a public health service, medical research institute, aged care Read More

Here’s a video overview of the 2014/15 Federal Budget from our Senior Tax Adviser Simon Ellis:

09 May 2014

. Many of our customers are nurses, doctors, midwives and hospital workers. Here’s a look at their top five salary packaging benefits: 1 -Living Expenses Public hospital workers are able to set aside up to $9,010 of their pre-tax salary each FBT year (1 April-31 March) for items such as rent, mortgage repayments, groceries and utility bills. This is one of the most popular benefits for those working in the not-for-profit sector. 2 -Meal Entertainment Meal Entertainment allows hospital employees to pay for their restaurant meals with pre-tax dollars. Like living expenses, they just need to set aside a nominated Read More

05 May 2014

Submitting claims, made easy

Submitting claims, made easy

. Good news for our novated lease customers – the Smartsalary app just made it even easier for you to submit your claims! No need for paper forms and sending in receipts – now you can do it all through your phone. Simply: – Complete the expense details in the app – Take a photo of your receipts with your phone camera – Submit your claim – Track the progress of your claim This function is currently available in the iPhone app, the android version is in development and is planned to be released within the next month. What can be claimed? You Read More

01 Apr 2014

Happy new (FBT) year! 1 April marks the start of the 2014/2015 FBT (Fringe Benefits Tax) year, here’s a quick look at what the new year could hold for you: New threshold amounts If you work for a public hospital, a private not-for-profit hospital or a Public Benevolent Institute (PBI) you are entitled to a number of tax-free items each year. These items include living expenses, rent and mortgage payments and are capped at either $9,010 or $15,900 for 2014/2015 depending on your employer. To see how much you are entitled to, check your balance and see your salary packaging reports log in to Read More

13 Mar 2014

  The Fringe Benefits Tax (FBT) year runs from 1 April-31 March, this is the period during which your salary packaging benefits are calculated and the year end is fast approaching – here’s a few tips to make sure you get the most out of your allowance: Living Expenses Card If you work for a not-for-profit organisation and you have a Smartsalary Living Expenses Card you will need to spend all the funds on your card by 31 March 2014 to maximise your tax savings. What can I spend on my card? You may want to pay your bills in Read More

05 Feb 2014

  Valentine’s Day is almost upon us and it’s time to start thinking about the perfect gift for your loved one! Here’s our top 5 Valentines gifts available to Smartsalary customers from Smartdiscounts: 1 – Experience the cinema in style! Relax in your reclining armchair and enjoy the waiter service whilst you watch the big screen – Gold Class cinema tickets from $23.50.  2 – Money off the bill at your favourite restaurant Save 10% when you buy a good food gift card, click here for participating restaurants. 3 – Westfield gift cards Receive an extra $5 for every $100 you Read More

10 Jan 2014

Top 5 Blogs of 2013

Top 5 Blogs of 2013

  In 2013 we introduced our customer blog – bringing you the latest news and updates on salary packaging. From legislation to superannuation, iPads to meal entertainment cards – we wrote it – you read it! Here’s the 5 most popular articles of 2013: 1 – Government changes to FBT legislation In mid-July the Federal Government announced a proposed change to FBT (fringe benefits tax) legislation. We took a look at what the proposed changes could mean to your novated lease. These changes were never passed by parliament and novated leases are here to stay! 2 – Salary Package the New Apple iPhone Read More

24 Oct 2013

  Apple unveiled the latest generation of the Apple tablets in San Francisco this week – the new iPad Air. Alongside laptops, tablets are one of the most popular items Smartsalary customers choose to salary package, as long as the primary use is for work purposes (at least 51% of the time) you can package an iPad and save 30-45% of the cost. iPad Air Highlights: 8 x faster than the original 2010 iPad Ideal for carrying around – it’s 20% thinner,  28% lighter and weighs less than half a kilogram Free, built in apps for business – spreadsheet, word Read More

  If you’re a 30 year old living in Australia, retirement is probably one of the last things on your mind. But a report released by Deloitte today suggests that retirement and superannuation are something we all need to be thinking about a bit more. With life expectancy increasing, we’re already spending 50% more time in retirement than we were 60 years ago and by 2032 there’ll be 5.8 million Australians aged 65+ – that’s a 75% increase on today’s number! Perhaps the most notable statistic is the amount you will need in your super fund in order to live a comfortable Read More