Salary Packaging Update
- Save up to 49% on your bus fares.
- RemServ Fees reduced - update your account.
- Novated Leases: QLD Government allows competition. Better interest rates available.
- Upcoming Webinars.
Bus Fares Now FBT Exempt
The ATO has just ruled that you could salary package bus trips to and from work in addition to the amount being package for your home loan or rent. You just have to jump through some hoops.
The possible tax savings for an adult traveling 3 zones, during peak times, 5 days a week, 48 weeks a year are (yearly cost of $2236.80*):
Unfortunately it might take a couple of month's for RemServ to start accepting applications. If you would like a notification when this becomes available, please register here
RemServ have reduced their fees
This is always good news. In the latest agreement between the QLD Government and RemServ, the fee structures have been revised to $8.25 (from $9.37)
Importantly RemServ are not automatically adjusting what they are taking out of your pay to fund the fee. This means that $1.12 a fortnight will be building up in your RemServ trust account.
Not a fortune, but $30 building up at RemServ every year is of no help to you, and it is easily fixed. Just download the pre-filled amendment below.
If you would like to review your Salary Packaging to make sure you are maximising your arrangement, GPA Financial Planning offers that service for $55.
Shop around for the best deal on a lease
QLD Government employees are often under the mistaken impression that they must use RemServ or Smart Salaries Novated Lease Finance when setting up a Novated lease. This can be a costly mistake. Often, with a Novated Lease you are not told the interest rate - just the repayment. This is because sometimes the interest rate is high and sometimes it has been loaded up to pay someone a hidden commission of thousands of dollars. Don't fall into this trap. By shopping around you can bring your interest rate down from 10% to 6% saving thousands of dollars on your car.
If you are unsure where to start GPA Financial Planning offers a $55 consultation, so you can get proper financial advice without commissions and kick-backs happening under the table. To book an appointment call 07 3170 6213
Upcoming Salary Packaging Webinar
If you currently don't salary package or want to improve your understanding of what is going on, please come along to our June Demystifying Salary Packaging Webinar.