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Salary Packaging

By Author: Eziway
Total Articles: 1

Salary Packaging is an ATO approved method to restructure your income by reducing the tax you pay, increasing your take home pay which allows you to do more with your income. With Salary Packaging, your employer pays you the same salary but instead of paying all of your expenses after you've been taxed, you pay for selected expenses before the tax is taken out. This lowers your taxable income and helps you pay less tax.

Our clients soon realise that the Eziway Administration System (EAS) is unique in the industry. EAS is a financially-rated account administration and Salary Sacrifice Calculator platform designed to manage the most complex salary packaging arrangement, FBT-exempt employers.

It was developed by Eziway Software Development and is enhanced daily onsite to ensure our service remains compliant, efficient, transparent and auditable. It supports not only the faultless administration of all accounts by our staff, the transparent real-time reporting of every client’s program, but also makes self-service by employee clients a reality; it is impossible to create or amend an arrangement that is outside the caps-based compliance framework.

Salary Packaging is simple. It just means your wages arrive in two parts. The amount you package against living expenses which is reimbursed to you from pre-tax wages. This is your fringe benefit payment made by eziway. The rest of your salary is processed by the Payroll section where you work. Usually this means your normal salary and packaged portions arrive in the bank on consecutive days.

Salary Packaging is a great way to be rewarded for all the hard work and commitment you display your employer. Simply put the benefits are easily understood - reduce the tax you pay legally, get a pay rise without asking and do more with your money.

Salary Packaging is an arrangement between an employer and an employee, where the employee agrees to forgo part of their future entitlement to salary or wages. There is no restriction on the types of benefits you can sacrifice. The important thing is that these benefits form part of your remuneration. They replace what otherwise could have been paid as salary.

For more details visit: Eziway.net.au

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