Opting to boost your superannuation contributions through salary sacrifice can be a strategic way to reduce your taxable income. When you choose to allocate more of your salary to your super, the amount you contribute is deducted from your taxable income, potentially leading to significant tax savings.
Government legislation has been implemented in relation to electric vehicles. From the 1st of July 2022 employers do not pay Fringe Benefit Tax on eligible electric cars and associated car expenses.
Working in government roles often comes with enticing perks, and one of the significant advantages is the opportunity to leverage various tax-saving schemes. Many government jobs offer contribution matching for salary sacrificing, a strategy that not only secures additional contributions from your employer to your superannuation but can also trim down your taxable income, resulting in potential tax savings.
If you are considering salary packaging your home loan, it's crucial to understand the potential benefits and limitations of this financial strategy. Salary packaging, commonly associated with fringe benefits, allows employees to use pre-tax income to cover certain expenses.
If you work in Queensland Health or for a not-for-profit organisation you may be eligible for salary packaging. This allows you to pay less tax on your income and therefore can be hugely beneficial in helping your money go further.
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