When salary sacrificing (or salary packaging), part of the income is replaced by other benefits in a tax-effective manner. The most popular salary packaging items are Car Fringe Benefits, Expense Payment Fringe Benefits, Living Away Allowance Fringe Benefits, and Superannuation.
Salary Sacrifice packages need to be agreed on by both the employer and the employee.
There can also be some advantages for the employer, such as the ability to attract and keep employees, whilst additional administration costs are a downside.
If you are looking for personalised advice on Salary Sacrificing, contact us today on 1800 878 898.