Not For Profit Organisations (NFP's)
Enjoy even more Pay at Pay Day
Salary sacrificing is a useful tool for NFP’s who want to recruit and retain high-calibre employees.
Salary Packaging, also known as salary sacrificing, has particular advantages in the NFP sector.
Australian taxation laws provide generous tax concessions for not for profit organisations. One such concession is an exemption for fringe benefits tax (FBT).
Both employees and employers can potentially benefit to the tune of thousands of dollars if salaries are set and structured in the right way.
This means an NFP employer is able to pass on to their employees a proportion of their wages as a reimbursement of personal expenses and no income tax is payable on this money, in effect a proportion of your salary each pay is tax-free. (Salary Packaging)
National Salary Packaging takes care of all the education, management, administration and support for all your NFP benefits, so you can focus on building your organisation.
This is a great perk to take advantage of and used in conjunction with other salary packaging benefits, means a lot MORE MONEY in your pocket every pay day!
As you all know, Tax is usually taken from your salary before you spend it.
If you choose to salary package these benefits, money is deducted from your salary pre-tax. You pay tax only on the remaining portion of your salary not the salary packaged money, significantly reducing the income tax you pay, resulting in increasing your take home pay.
You can package up to the allowable maximum of:
- $15,900 (Everyday General Living Expenses)
- $2,650 (Meal, Entertainment & Holiday Benefit)
- With the $15,900 Benefit: You may choose to package a range of items, such as your mortgage, rent, school tuition fees, private health insurance or even a personal loan repayment, or you may decide to use our convenient Beyond Bank Salary Packaging Payment Card to package everyday living expenses including groceries, clothing and utility bills.
- With the Meal, Entertainment & Holiday benefit this allows you to package breakfast, lunch and dinner with your friends or family as a restaurant, food and beverages for special occasions such as a wedding or anniversary. Or, you can pay for your next holiday with this benefit, including the accommodation, car hire, and all your food and drinks.
$15,900 Everyday General Living Benefit
NFP’s companies can enjoy $15,900 ($30,000) grossed up) tax-free money