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Living Expenses
Available to employees of FBT exempt and rebatable employers – talk to us today to confirm your eligibility.
Save on everyday expenses and loan repayments
Only available to employees in certain sectors, this is a special benefit that could save you thousands per year depending on your circumstances.
Save on everyday expenses and loan repayments
The Living Expenses Benefit is a great way to save on everyday expenses. The amount you are entitled to depends on your employer’s FBT registration status and is determined by the ATO.
Employees of full FBT exempt employers such as charities and PBIs receive an effective value of $15,900 and no FBT is payable.
Employees of FBT exempt employers such as hospitals receive an effective value of $9,009 and no FBT is payable.
Employees of FBT rebateable employers such as research institutions not only receive an effective value of $15,900 for expenses but also receive a rebate on the FBT payable saving you further income tax.
Many employees put this benefit towards living expenses such as:
· Mortgage repayments.
· Rental payments.
· Personal loan repayments.
· Car loan repayments.
· Childcare fees.
· Credit card repayments.
Another option to utilise this benefit is the Everyday Purchase Card.
There are really no limitations, as long as you can substantiate the amounts with approved documentation.
You may also split your benefit amount, e.g. some funds towards your rent, and the remainder to your car loan repayments or Everyday Purchases Card. Or any similar combination of the above items. Also, if you are commencing part-way through the year you may be able to accelerate (increase) your payroll deduction amounts to ensure you still reach your maximum benefit for the first year. Talk to us to understand this in more detail.
How Much Could I Save With Salary Packaging?
Using your pre-tax salary to pay for things allows you to increase your disposable income and pay less tax – often thousands of dollars less each year. There are dozens of items you can potentially salary package, but some depend on your employer and the industry they work in.
It’s all fully approved by the Australian Taxation Office, however it pays to seek specialist clarification from us to ensure you gain everything you’re entitled to, and make the process of setting up your package easy. You can use our calculators for indicative savings, or talk to us today to find out more and the next steps to take towards saving!
Calculate Your Savings
Check Your Eligibility
Find out instantly how you could save thousands on a new car and other major expenses. Call 1300 303 357 and speak to one of our friendly specialists.
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