What does RemServ cost?
How much does it cost to salary package with RemServ? In exchange for managing a standard salary packaging account – and depending on your employer’s salary packaging policy – we charge an annual administration fee of $200.
Can you salary sacrifice union fees?
Police Union Benefit Police Union fees is a new benefit that allows eligible employees to salary package their Police Union membership fees. By salary packaging your fees each fortnight, you could save on income tax and GST all throughout the year.
What can you claim with RemServ?
You can package a wide range of everyday expenses depending on your employer’s salary packaging policy such as:
- electricity, phone and water bills.
- council rates.
- groceries.
- clothing.
- private travel (domestic and overseas)
- household expenses.
- any other items you pay for with your RemServ Wallet.
How much can I salary package not for profit?
$15,900 every year
NFP employees can package up to $15,900 every year, which is the maximum capped amount. Salary packaging is an option. For those that do use it, you will only pay tax on the remaining portion of your salary, significantly reducing your taxable income.
What are the disadvantages of salary sacrifice?
The risks and disadvantages associated with a salary sacrifice arrangement include lack of accessibility, fluctuations in savings and possible reduction in employer contributions. While these are the main disadvantages of salary sacrifice arrangements, other risks also exist.
Who is entitled to salary sacrifice?
To be eligible for salary packaging, you need to be permanent full time, permanent part-time or temporary employees a contract of at least three months duration.
Is it better to salary sacrifice or after tax?
Salary sacrifice reduces your taxable income, so you pay less income tax. Only 15% tax is deducted from your salary sacrifice amount compared to the rate you pay on your income, which can be up to 47% (including the Medicare Levy). 2 This can be much lower than the tax on investments outside superannuation.
How long does RemServ take to reimburse?
Use the RemServ App For payments you’ve already made, we will reimburse the money into your nominated bank account, generally within three to five business days – it’s that easy!
How does RemServ wallet work?
The RemServ Wallet is a card that gives simple access to Living Expenses and Meal Entertainment benefit money, making it easier to live, spend and save smarter. Your before-tax dollars are loaded onto your card by RemServ, making it easy to pay when you’re out and about, paying online or over the phone.
What is the maximum you can salary package?
Salary packaging the maximum amount allowed each Fringe Benefits Tax (FBT) year means you’re making the most of this employee benefit. The maximum for employees of not-for-profit organisations is $15,900 (this is also known as your ‘tax free cap’) and $9,010 for hospital and healthcare employees.
Who pays FBT employer or employee?
Find out how FBT could affect your business, and how to register for FBT. FBT is a tax that employers pay on benefits paid to an employee (or their associate, such as a family member) in addition to their salary or wages. FBT is calculated on the taxable value of the benefits you provide.
Is salary sacrifice a good idea?
In short, salary sacrifice pension schemes are can be a good, tax-efficient use of your earnings to fund a more comfortable retirement. That’s because aside from any profit from investment decisions, your pension will grow by more than the additional contribution you put in from your salary sacrifice.