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.