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Magazine Article
A sacrificial offering Salary packaging for a win/win situation for both employer and employee.
2006
Overview
Salary packaging is the process of using the concessional taxation treatment afforded to certain benefits under the Fringe Benefits Tax (FBT) Assessment Act to structure an employees total remuneration in a way that generates maximum value to an employee at no additional cost to an employer. The advantages of salary packaging can sometimes be outweighed by the administration and compliance costs. To fully consider the impact of FBI, analyze the following four benefits types: 1. FBT exempt benefits, 2. concessionally taxed benefits, 3. otherwise-deductible benefits, and 4. fully taxable benefits. In most cases an employer will enjoy a saving in payroll tax and workers compensation and, if properly administered, will result in no significant increases in costs or use of existing resources. .
Publisher
CPA Australia
Subject
