Salary packaging can seem complicated, with many different options and benefits specific to you and your circumstances which could help you do more with your money.
We wanted to provide some information about one of the ways you could salary package using the Mortgage, Rent and Loan benefit option.
Regular long-term expenses: an option salary package!
Paying rent, a mortgage or a personal loan can be a long-term, ongoing commitment and it means that you can salary package them year-on-year without making any change to your arrangement – which means less admin for you and more time to think about other things.
Best of all, these salary packaged expenses are GST-free, ensuring you could get more out of your cap.
How it works each pay
Once RemServ takes your requested contribution amount to utilise your annual cap limit, we will then report this amount to your payroll team to be deducted before-tax each pay, which could potentially reduce your taxable income – and, in turn, potentially boost your disposable income, which is the whole point of salary packaging!
Once we receive this amount from your payroll and you’ve provided us with the appropriate documentation to substantiate your claim, we’ll schedule a regular payment each pay to cover this ongoing expense. With this option, you can choose to leave your current repayment process in place and we’ll reimburse the requested amount back to your personal bank account. Alternatively, we can pay the requested amount directly to your loan or rental provider.
Salary packaging made simple
So, if you currently have a mortgage, pay rent or have a personal loan, it could be worth considering salary packaging it. You should consider your objectives, financial situation and needs, and, take the appropriate legal, financial or other professional advice based upon your own particular circumstances.
Visit https://remservsalarypackage.com.au/benefits, select your applicable sector, and click on the salary packaging benefits to learn more about your eligibility to start claiming!