ACT Health offers salary packaging, an Australian Taxation Office-accepted way to restructure your remuneration package by paying for some of your expenses with before-tax dollars. It can save you thousands each year. If you wish to get more ACT health salary packaging info, you’ve come to the right place.
1. Flexibility
In addition to salary packaging options, ACT Health has access to a variety of external providers who can assist staff with salary packaging items such as laptops/PDAs, childcare, on-campus parking and additional superannuation contributions. Staff can discuss their options with these providers, who will provide advice, information and assistance to employees. Some providers can also arrange and administer novated leases.
Staff are advised to seek independent financial advice before making any decisions to purchase items or services via salary packaging. Depending on the package they choose, it may be possible for staff to save thousands of dollars each year by utilising this Australian Tax Office-approved method of restructured remuneration.
All Salary Packaging arrangements are subject to the provisions of the Fringe Benefits Tax Assessment Act and Tax Office rulings. HCC is required to inform staff if the arrangement breaches any relevant legislation, including the Superannuation Concessional Contributions Cap.
All staff must keep their expenses in check throughout the FBT year and, especially with novated leasing, make sure they don’t breach the grossed-up reporting thresholds set by the Tax Office. If an employee resigns or terminates their employment, any unutilised salary packaging funds must be returned to HCC within 30 days. It is to ensure that they do not inadvertently breach any legislative requirements, including the FBT Act and JCU policy guidelines.
2. Tax savings
ACT health salary packaging info is an Australian Taxation Office-accepted way for you to pay for a range of expenses with pre-tax dollars. It can potentially save you thousands each year.
Eligible Health workers can have a salary package of up to $9,010 in living expenses that attract Fringe Benefits Tax (FBT). It could mean you pay less income tax and have more disposable income each fortnight.
The ACT Health salary packaging service offers in-house salary sacrifice arrangements for laptops/PDAs and childcare, with external providers available to arrange salary packaging of novated car leasing and additional superannuation contributions into your chosen fund. It is important to seek financial and taxation advice before salary packaging. It is your responsibility to ensure all salary packaging costs are claimed within the Fringe Benefits Tax (FBT) rules and JCU policy guidelines. Failure to comply with these may result in your salary packaging arrangement being withdrawn.
Please note that the restructuring of your remuneration package may affect your entitlements to government benefits, including statutory leave. It is also important to review your situation with a professional advisor before changing or ceasing any packages. Employees can withdraw their salary packaging arrangements at any time; however, they will need to provide their employer with written notice of their intention to do so. Any remaining packages will be paid as salary and wages with PAYG withholding applied.
3. Keeping up to date with changes
In addition to the services provided by Smartsalary, ACT Health also contracts with salary packaging providers who are able to offer additional products and services like novated leasing for motor vehicles, home loans, airport lounge memberships and extra super contributions. These providers are able to provide information, advice and assistance to staff to assist with making the right choices that best suit their individual needs.
It is your responsibility to monitor your salary packaged expenses and ensure that you do not breach the grossed-up reporting thresholds set by Fringe Benefits Tax legislation, particularly with respect to novated leases. It is one ACT health salary packaging info you can’t afford to miss. Staff must notify their salary packaging provider as soon as possible of any expenses that may exceed the reporting thresholds. It is particularly important if you are considering salary packaging a motor vehicle.