Salary Sacrifice towards your Mortgage

timi · 19-01-2008, 12:14 PM

Hi everyone,
Does anyone know about or is anyone receiving Salary Sacrifice towards their mortgage?
Timi

Nelson · 19-01-2008, 01:39 PM

I wondered about this when I read a recent thread by BullCreekBob... would love to know and, if you can, I'll be hot-footing it to the wages department pronto!!!

kdal · 19-01-2008, 05:22 PM

My sister was offered a job and they offered this arrangement but she did not take it as she has no mortgage and she just wanted to see the money anyway. The place where she was going to work was run by a charity group so assume this was why they would offer this type of agreement. Normally you would take a lower paid wage and the salary sacrifice would bump it up!

Here is a link to details

Salary sacrifice arrangements for employees

Good luck

chrissy63 · 19-01-2008, 07:00 PM

I have been offered this its called salary packaging. I put a thread on here titled just that and got a response from Bullcreek Bob.

chrissy63 · 19-01-2008, 07:07 PM

My apologies it was Quoll who posted reply to my thread. Its in general dilemmas

ali · 20-01-2008, 01:15 AM

I do salary sacrifice/packaging - i thought there must be a catch but there's not. I do mine with a company called smart salary. You can salary package upto $9,500 (I think that's right), I do mine towards my mortgage, each month so much money is taken out of your salary before you get paid (because I joined the scheme half way through the financial year at the moment mine is $500 every 2 weeks). I don't pay any tax on this amount. 1 or 2 days later, this $500 goes into my bank account.

Ali

chrissy63 · 20-01-2008, 08:42 AM

Hi Ali

SO its worth doing then. Couldn't really get my head around it as it seemed a bit dodgy. Have had it explained several times and i thinks its finally sinking in. AM i right that you can sacrifice towards rent and even car repayments?

Hi Timi I think (and im sure someone will correct me if i am wrong) that this kind of package is only available to certain occupations or jobs that are considered to be low paid. What will you be doing

Quoll · 20-01-2008, 10:46 AM

Do it! You would be daft not to. I work for a charity and there are special regulations for non profit organizations which allow you to salary sacrifice $16000pa (over and above your tax free $6000) for things like mortgage, rent, school fees, personal loan repayments and even your credit card (ie every day living expenses) - this amounts to about $625 a fortnight. The deal is that the money is taken out of your salary before the tax is calculated and sent to an "agent" who manages the package set up. The agent then pays you directly back all that has been taken out less about $10 a pay straight into your bank account. So I find myself about $200 a fortnight better off because I sacrifice against my credit card. Health related positions also have this special deal going.

If you want to sacrifice into superannuation, anyone can do that without any fringe benefits implications which is what may occur for non charitable organizations.

I now work and pay no tax on my little pocket money job because I sacrifice it all - the max into the credit card and the balance into superannuation. I pay tax on my superannuation income though, just in case you thought I was ripping off the system!!!!

ali · 20-01-2008, 11:38 AM

you can even claim entertainment expenses - takeaway etc., on top of that,

Ali

timi · 21-01-2008, 11:08 PM

Quote:

Originally Posted by chrissy63

Hi Ali

SO its worth doing then. Couldn't really get my head around it as it seemed a bit dodgy. Have had it explained several times and i thinks its finally sinking in. AM i right that you can sacrifice towards rent and even car repayments?

Hi Timi I think (and im sure someone will correct me if i am wrong) that this kind of package is only available to certain occupations or jobs that are considered to be low paid. What will you be doing

Hi Chrissy,
I am a Registered Nurse.