SUBJECT – Salary Sacrifice
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
Salary sacrifice can at times be an effective taxation strategy. Sacrificing extra amounts into your superannuation fund over and above the 9.5% Superannuation Guarantee Contribution levels can be a tax effective way to increase your retirement wealth.
There are other ways to reduce salary by arranging your employer to pay expenses like a car payments on your behalf. Beware that sacrificing of items can at times cause a Fringe Benefits Taxation liability which may actually cost more in tax than if you had paid the amounts yourself.
Care should be taken when packaging salaries especially when vehicles are involved and salary sacrificing for superannuation should be discussed with your MWL financial planner.
For more information contact us at firstname.lastname@example.org and either me, Barbara Keating or one of our experts will be more than happy to help.