Salary Packaging Advice
in Newcastle and Lake Macquarie
Make More Effective Use of Your
Income With Finspire Advisers
Salary packaging - also known as salary sacrifice - allows you to receive part of your remuneration as approved benefits rather than entirely as cash salary. Depending on your employer, the benefits selected and your circumstances, this may reduce your taxable income and help you direct more of your earnings towards important financial goals.
However, salary packaging is not automatically beneficial for everyone. Fringe Benefits Tax, administration costs, reportable fringe benefits and the effect on other financial obligations must all be considered.
Finspire Advisers helps clients across Newcastle and Lake Macquarie understand their available salary packaging options and determine how salary packaging could fit within their broader financial plan.
Turn Your Employment Benefits Into a Financial Strategy
An effective salary packaging arrangement should do more than produce an immediate tax saving for you. It should complement your current budget, cash flow, superannuation, debt commitments and long-term objectives.
Our independent financial planners in Newcastle assess the complete financial effect of a proposed arrangement. We can help you compare your position before and after packaging, understand the potential costs and make a decision based on the overall benefit, not simply the reduction in your taxable income.
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Salary packaging arrangements are offered through your employer, and the available benefits can vary between workplaces and industries. We help you understand the options available under your employer’s policy and identify which benefits may be relevant to your circumstances.
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Salary sacrificing into super can be a tax-effective way to build retirement savings, subject to contribution caps and other rules. Our advice regarding salary packaging can be integrated with your broader strategy for superannuation in Newcastle and your long-term retirement objectives.
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A novated lease may allow eligible employees to package vehicle lease payments and running costs such as registration, insurance, servicing, maintenance and fuel. We help you consider the tax treatment, fees, residual payment, expected usage and effect on your take-home pay before committing to an arrangement.
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Employees of certain hospitals, charities and other eligible not-for-profit organisations may be able to package approved living expenses within applicable limits. The rules depend on the employer and arrangement, so we help you understand the potential benefit and how it may affect your financial position.
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Where permitted by an eligible employer's program, expenses such as mortgage repayments, rent or credit-card payments may be included within a salary package. This may free up other cash flow that can be directed towards reducing debt, building savings or meeting additional financial goals.
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A lower taxable salary does not always tell the full story. Reportable fringe benefits may affect government benefits, child support, HELP repayments and other income-tested obligations. We consider these potential consequences alongside administration fees and Fringe Benefits Tax before recommending a strategy.
Independent Salary Packaging
and Financial Planning Advice
Finspire Advisers provides independent financial services to clients throughout Newcastle and Lake Macquarie. We are not tied to a bank, super fund or salary packaging provider, allowing us to assess different strategies according to your specific needs and your financial goals.
Salary packaging can also be considered alongside saving, investing, debt management and retirement planning. For clients seeking retirement planning in Newcastle, we can assess how additional super contributions or other packaged benefits may support their longer-term strategy.
Connect with Finspire Advisers® today.
If you are looking for an independent financial adviser in Newcastle or professional financial planning in Lake Macquarie, book a complimentary appointment with Finspire Advisers. We can help you understand your options and determine how to make more effective use of your income.