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What are the Benefits of Salary Packaging
Salary packaging offers many significant advantages to both employers and employees.
Employees
Benefits to employees include:
- the potential to achieve substantial and legitimate taxation savings;
- the reduction or removal of liabilities such as the Superannuation and Medicare Surcharge levies;
- the flexibility to choose a remuneration structure based on your individual needs and preferences; and
- the integration of personal financial planning and salary packaging.
Employers
Salary packaging is gaining popularity with employers who recognise its potential to attract, recruit and retain high-quality staff. For the same employment cost, employers may be able to offer a higher net benefit to staff than organisations that offer a more traditional salary approach.
Benefits to employers include:
- significantly reducing employment costs such as Payroll Tax and Worker's Compensation;
- increases your franking account, which allows increased tax-paid dividends to shareholders for no additional cash outlay;
- enables you, if required, to provide selected employees with "de-facto" pay rise of up to 50 per cent per annum for no additional cash outlay;
- provides a more competitive remuneration, assisting you in attracting and retaining the best staff;
- allows you to design a more efficient incentive program;
- allows you to communicate Total Employment Costs to employees, beyond simple salary (cash-pay) costs;
- allows your employees to alter their packages to accommodate change, without you incurring additional or unnecessary costs;
- provides for more effective control of remuneration costs;
- allows you to manage human resources’ costs as normal budgeted business expenses; and
- is a cost efficient option.
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