general Benefits
TOOLS OF TRADE
If an employer has advised an employee they require a set of tools, apparatus and specialised equipment for their position, then such items can be claimed as a tax deduction.
Alternatively reimbursement can be obtained from the employee’s salary package as an expense to be reimbursed from their pre-tax salary under the ‘otherwise deductible’ rule.
Mobile devices such as Lap-Top Computers, Tablets and Mobile Phone handsets are included in the definition of a Tool of Trade.
income protection
Income protection insurance premiums can be included as an FBT exemption under the “otherwise deductable” rules.
memberships
All professional memberships such as CPA, AIM, AICD, trade unions and airline clubs are exempt from FBT and are considered an allowable benefit to employees.
superannuation
Employees are able to make additional superannuation contributions from their pre-tax salary. The maximum allowable amounts depend on your age and will be indexed each year. Superannuation contributions will remain as a payroll deduction. TRINITAS can provide employees with a package modelling scenario to highlight the impact of any superannuation contribution.
Note: Our salary packaging team do not provide investment advice in relation to the structure of an employee’s superannuation fund. Please ask your adviser to refer you to our superannuation team.
self education expenses
An employee’s work-related education expenses can be included in a salary package. This is deducted from their pre-tax salary. Approval from the employer is required.
INVESTMENT LOANS AND PROPERTY MAINTENANCE COSTS
Interest payments on property or share investment loans can be included as part of a salary packaging arrangement and is deductible from an employee’s pre-tax salary.