Thanks!
We'll contact you within the next business day to discuss your calculation in more detail.
Talk to you soon!
Car Parking
Parking costs under some circumstances can save you income tax.
Put The Brakes On Higher Costs
Parking that you pay for at work can be expensive, but there are cases you can salary package the costs. Read on for more detail and how you might be able to save income tax and GST.
Put The Brakes On Higher Costs
If you pay to park in a car park operated by your employer, you will be able to salary package your costs.
Otherwise, if you pay for street or public car parking not operated by your employer, you will be able to salary package the costs if your employer is:
· A scientific institution (except if they are run for the purposes of profit and gain for shareholders)
· Or a religious institution
· Or a charitable institution
· Or a public educational institution
· Or a government body but only one in connection with public educational institutions
· Or a small business but only if:
> Parking is not in a commercial car park
> Employer is not a government body, public listed company or a subsidiary of one
> Employer income for the financial year prior to the current FBT year was less than $10 million
What you need to do, and what you should know:
· Pay for parking and collect evidence of payment.
· Submit a claim form to us and attach your evidence of payment.
· We will arrange for your employer to deduct the amount less GST from your pre-tax salary.
· We will arrange for the full amount including GST to be transferred back to you.
· You thus save the 10% GST as well as the income tax on the amount.
· Depending on the amount, we may be able to spread the deductions over several pay periods to help you out.
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
Help Your Staff Buy A New Car
Find out instantly how your employees could save thousands on a new car and other major expenses. Call 1300 303 357 and speak to one of our friendly specialists today.
Get In Touch!
Find out how much you can save on a new or used vehicle with a novated lease through SalaryMasters. Enter your details and we will get in touch with you shortly.
