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Available to employees of FBT exempt and rebateable employers – talk to us today to confirm your eligibility.
It’s now possible to conveniently salary package your groceries, bills, clothing, holidays and other everyday expenses, by using an everyday purchases card. It works via a VISA debit card, and with very few restrictions on what you can purchase, it can be used almost everywhere VISA is accepted.
Our Everyday Purchases Card is the easiest way to salary package your living expenses entitlements and save on tax. It allows you to pay bills and purchase groceries, clothing, holidays, and many other items. Fully approved by the ATO, it works via a VISA debit card which can be used worldwide wherever VISA is accepted.
The card must not be used for cash advances, adult entertainment, gambling or firearms, but otherwise has few restrictions. Some technicalities may exist around BPAY and direct debit arrangements.
Advantages of using the card include:
No need to submit claim forms or tax invoices
Spend your pre-tax dollars anywhere, any time
PayWave enables greater convenience when making purchases
Our card provider is Beyond Bank who charge a small monthly fee per card. We recommend you spend as much of your balance by 31st March each year, as any remaining balance will likely affect your maximum entitlement for the following year.
· Nominate an amount up to the maximum set by the ATO:
· Currently $15,900 for full FBT exempt charities and PBIs
· Currently $9,009 for public and private hospitals
· Contact us and we will arrange a card for you.
· We will arrange for your employer to deduct the amount from your pre-tax salary. This means you receive the amount income tax-free*
· We will arrange for your card to be topped up by the amount ready for you to spend.
· These arrangements are typically calculated on a normal payroll cycle basis (weekly or fortnightly), but can be done over a shorter period.
*Please note: If your employer is registered as FBT Rebateable, there may be an additional tax payable. Please discuss details with us.
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!
Salary packaging your next car is a good decision; see how it can work for you. Call 1300 303 357 and speak to one of our friendly specialists.
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.