On Tuesday, the Federal Treasurer handed down the 2018/19 Federal Budget.
From the perspective of Salary Packaging and Novated Leasing, the only effect has been on tax has come in the form of a tax refund to low- and middle-income earners.
Given it is in the form of a tax-refund,
Key Federal Budget 2017 announcements that will impact Salary and Wage earners will include;
- First home buyers being able to access their super for a deposit
- The Medicare levy and
- Changes to the HELP repayment threshold
Here are some updates about these key points.
The main changes to Federal Budget 2016 that will impact Salary and Wage earners are the changes to Superannuation and Personal Taxation rates.
To keep you updated, please find the below proposals being reviewed:
- Extending the 30% tax on concessional contribution to those earning over $250,000 ($300,00 previously)
- Reducing annual cap of concessional superannuation contributions to $ 25,000 ($30,000 previously)
- Establishing a lifetime non-concessional contribution cap of $500,000
- Introducing a transfer balance cap of $1.6million on amounts moving into tax-free retirement phase,
On the 12th of May 2015, the Federal Government announced their 2015/16 Federal Budget which included changes to the Meal Entertainment and Holiday Accommodation/Venue Hire benefits.
Employees of both Public Health and NFP sector employers will be affected, e.g, anyone who currently packages Meal Entertainment or Holiday Accommodation/Venue Hire benefits,
We are looking to add to our Great Team in the areas of Customer Service and Sales Representatives in Melbourne.
If you have experience in either of these areas and are looking to join an Exciting Company then click here for more information and where to send your resume.
A Novated Lease Car presents many benefits to both the employer and the individual employee. But it would be irresponsible not to outline the risks associated with salary packaging arrangements. In many instances, there are very simple ways to mitigate these risks once you understand them in a little more detail.
Reports that New Car sales are down and dealers are overstocked so buyers are in the driver’s seat to save thousands of dollars on the latest model.
June is always the biggest month of the year for new-car sales, but 2014 is set to be bigger than ever.
There has been considerable Media attention over the past week reporting of a “Loophole to avoid the Deficit Levy” which involves Salary Packaging.
Remunerator would like to place a reality check into this report.
In summary, in theory “yes” but in reality “highly unlikely”.
First of all,
Well, another Budget has been handed down, the first for the newly elected government.
This Remunerator Update will give you details regarding FBT and its impact on Salary Packaging & Novated Leases.
As foreshadowed in our most recent Remunerator News update,
The Federal Government’s position on Novated Leases and Car FBT was once again reconfirmed on Friday 9th May 2014. The Government released a document assessing the financial position of the Country and once again restated their policy of no change to Car FBT.
Click here to view a copy of the relevant page of the document.