There’s a super way you could increase your take-home pay.
Did you know you could be eligible to salary package your standard and any additional voluntary superannuation contributions, potentially increasing your take-home-pay while still growing your nest egg?
Typically, Queensland Government employees have their standard superannuation contribution set at 5% of their salary, which enables an employer contribution of up to 12.75%. These numbers differ for Queensland Police staff; refer to the Superannuation Information Booklet for more information.
With RemServ, a trusted name in salary packaging and proud to be part of the Queensland Government panel of providers for more than 20 years now, the 5% (or other selected standard contribution percentage) would be deducted from your salary before tax is applied – meaning that you could pay less tax and could have more spending money each pay! And if you wish to further increase your retirement fund, you can choose to make voluntary super contributions in addition to your standard contribution amount.
An example
For more information on this benefit, click here to view the FBT Exempt Benefit Items Fact Sheet and Superannuation Information Booklet.
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Employees can salary package both standard and any additional voluntary superannuation contributions.
The salary packaging of standard and voluntary superannuation contributions can be made only to a regulated superannuation fund that has a complying status.
All superannuation contribution funds are sent directly to the employee’s chosen Super fund.
Disclaimer
In the salary packaging example, the benefit amount shown is after the following have been applied: applicable tax as shown with 2018/2019 (packaging) personal marginal tax rates, Medicare levy of 2% of taxable income, administration fee $38.74, refund of GST paid (Input Tax Credit) $3.82. When you package additional contributions your super is taxed at a ‘concessional’ (before-tax) rate of 15%. There is an annual limit of $25,000 (including your employer’s contribution of up to 12.75%) that can be packaged to super before excess contributions tax becomes payable.
This general information doesn’t take your personal circumstances into account. RemServ strongly recommends that before you make any decision on a salary packaging product, you obtain your own independent specialist professional advice including financial advice and personal taxation advice from a licensed tax adviser on your particular circumstances. Conditions and fees apply. The availability of benefits is subject to your employer’s approval. RemServ may receive commissions in connection with its services. For further information, please visit our website at remserv.com.au.
Important Information: Salary packaging is only available to eligible employees of the Queensland Government as per the Standing Offer Arrangement PTD0027-16. The implications of salary packaging for you (including tax savings and impacts on benefits, surcharges, levies and/or other entitlements) will depend on your individual circumstances. The information in this publication has been prepared by Remuneration Services (Qld) Pty Ltd for general information purposes only, without taking into consideration any individual circumstances. Remuneration Services (Qld) Pty Ltd and the Queensland Government recommend that before acting on any information or entering into a salary packaging arrangement and/or a participation agreement with your employer, you should consider your objectives, financial situation and needs, and, take the appropriate legal, financial or other professional advice based upon your own particular circumstances. You should also read the Salary Packaging Participation Agreement and the relevant Queensland Government Salary Packaging Information Booklets and Fact Forms available via the Queensland Government Contracts Directory. The Queensland Government strongly recommends that you obtain independent financial advice prior to entering into, or changing the terms of, a salary packaging arrangement.
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