With salary packaging, you could use funds from your pre-tax salary to make additional contributions to your superannuation. This may not only reduce your taxable income, but boost your retirement nest egg.
Your employer already makes regular superannuation contributions on your behalf as part of your standard salary, but making additional superannuation contributions can go a long way.
Most employees can salary package additional superannuation contributions. Contact your employer to find out if this benefit is available to you.
This is an uncapped benefit.
Most people can package up to $25,000 a year (including your employer's 9.5% contribution) without incurring any tax penalties.
As of 1 July 2017, the annual cap for concessional contributions cap was reduced to $25,000 per annum for all individuals, regardless of age.
Please refer to www.ato.gov.au for up to date information.
Things you need to know: The above information is not intended to constitute taxation or financial product advice. Your benefits and savings will vary depending on your personal objectives, financial situation and needs. We recommend you obtain independent financial advice before making any financial decisions.
Eligibility criteria and terms and conditions apply. All salary packaging proposals are subject to the requirements of your employer. Administration fees will apply. The actual administration fee that applies to you may vary depending on your employer. ITCs (refund on GST) are excluded. Maxxia may pay and receive commission or rebates in connection with some services and products it provides or arranges to be provided by third parties. Maxxia Pty Ltd ABN 39 082 449 036 Authorised Representative (No. 278683) of McMillan Shakespeare Limited (AFSL No. 299054).