How You Can Make Significant Tax Savings by Salary Packaging with AccessPay

Australian Taxation Law allows certain organisations to offer salary packaging benefits to their employees. Salary packaging allows employees of these organisations to make significant income tax savings on their salary. Australian taxation law states that employees of these organisations will not be taxed on this money.

When you salary package a part of your salary, you are not required to pay tax on this money. There is a limit set by the Australian Taxation Office on how much employees of these organisations are allowed to salary package, and this limit is $15,900 in a Fringe Benefits Tax year (1 April – 31 March) for Public Benevolent Institutes (PBI's) and $9,010.04 for Not-For-Profit Hospitals. Broken down into fortnights, this becomes $611.54 per pay for PBI's and $346.54 for NFP Hospitals. Once you are salary packaging with AccessPay, you will only pay tax on the remainder of your salary, not the salary packaged amount. The money you set aside for your salary packaging must be used to pay or reimburse you for what can be described as your living expenses.  Unless we are reimbursing you for a living expense you have already paid, it is not possible to merely have this money paid into a savings account as a cash deposit.  Unless you have been reimbursed for a payment already made, it is not possible to withdraw the salary packaged amount as cash.  See the “Payment Options” section on this page.

For a more detailed description of what living expenses are, please see the “Benefits List” on this page.

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