The actual amounts and types of benefits you could package depends on your industry and employer.
If you choose to go ahead and salary package, you’ll need to ask your payroll department to deduct your HECS/HELP debt repayment shown below, which we’ve based on the information you gave us.
Salary packaging could provide you with a great way to reduce the amount of tax you pay - and get more from your salary.Request a call back
See how salary packaging with Maxxia can benefit and reduce the amount of tax you pay - and get more from your salary. Here are the numbers:
Taxable income used for calculation of HRI:
ATO compulsory HECS/HELP repayment rate:
See how salary packaging with Maxxia compares using the comparison table below. See how much you can benefit and reduce the amount of tax you pay - and get more from your salary. All calculations on this website are indicative, and for illustrative purposes only - further information is provided below.
The calculator is provided for guidance purposes only and the results are estimates to illustrate potential scenarios.
The following is some important information about the assumptions in the calculator:
All calculations on this website are indicative, and for illustrative purposes only. All calculations use PAYG tax rates effective 1 July 2017. Tax, benefit & Medicare levy calculations are approximate, and assumes no other taxable income is received. HECS/HELP repayments and taxation surcharges are excluded.
An indicative average salary packaging administration fee of $220.00 has been included. The items you could package are determined by your employers salary packaging policy, and the industry sector you work in. You may not be eligible to package all items included in the calculator. Please contact Maxxia or refer to your employer's salary packaging policy for more information.
Public and private not-for-profit hospitals have a capping threshold (being a grossed up taxable value of $17,000) placed on the amount of fringe benefits they may provide to employees each FBT year without FBT applying. The maximum amount of $9,010 has been determined using a gross up rate of 1.8868 and assumes that the payments are not subject to GST. Where the payments are subject to GST this amount will be reduced to $8,231 and the gross up rate of 2.0802 should be used to determine the grossed up taxable value of the benefits provided.
Public benevolent institutions and charities have a capping threshold (being a grossed up taxable value of $30,000) placed on the amount of fringe benefits they may provide to employees each FBT year without FBT applying. The maximum amount of $15,900 has been determined using a gross up rate of 1.8868 and assumes that the payments are not subject to GST. Where the payments are subject to GST this amount will be reduced to $14,525 and the gross up rate of 2.0802 should be used to determine the grossed up taxable value of the benefits provided.
Employees with a Rebatable tax status can salary package expense payments up to $30,000 grossed up taxable value - which is equal to $15,900 actual expenditure on non-GST items. Rebatable FBT employees may be entitled to salary package FBT Free and other Concessionally Taxed benefits above the $30,000 grossed up taxable value limit.
Equivalent salary calculations are indicative only and do not take into consideration your personal circumstances. You should seek your own independent professional advice before making a decision with respect to salary packaging or novated leasing.
Maxxia makes no representation that the results or any related information that the calculator produces is appropriate for your particular circumstances. Maxxia strongly recommends that you consult a professional and provide no warranties as to the accuracy of the estimated results produced by the calculator.
Although all reasonable care has been taken in designing the calculator, due to the complexity of tax laws, the estimated results can change based on individual circumstances that this calculator is not able to take into account such as (and not limited to) HECS / HELP repayments.The results of the calculator should not be taken to be professional advice nor a substitute for professional advice.
Maxxia Pty Ltd does not provide you with any form of financial, taxation or financial product advice on the relative merits of salary packaging or novated leasing or on any other basis.
Please complete the table below, click ‘Request callback’ and one of our friendly consultants will be in touch.
Maxxia strongly recommends all users seek their own personal taxation advice from a licensed tax adviser before making any financial decisions.