Salary packaging consultation
For tax planning that benefits both employers and employees, salary packaging is an excellent solution. BDO is leading the way in this area, helping companies across Australia put together sound salary packaging solutions that are a win-win for both operations and staff.
BDO has a wealth of experience in salary packaging. We use our detailed knowledge of Fringe Benefits Tax (FBT) legislation and how it affects your specific circumstances to create tailored, relevant salary packages for your employees. The result being higher net remuneration for them and business savings for you.
Find out more about the benefits for employers and the benefits for employees.
To work out which salary packaging benefits will work best for you, BDO offers a salary packaging consultation. This is a great way for employers to become more familiar with the options available, including what’s involved in setting up and managing salary packaging benefits.
We address each employee’s needs individually – identifying which benefits are best to include and which are exempt from Fringe Benefits Tax (FBT) – with the aim of maximising remuneration packages and boosting the employer's bottom line.
Please get in touch if you think your company could benefit from a consultation with one of our salary packaging specialists.
Find out how BDO can help you with salary packaging.
Benefits for employers
For employers, adopting a proactive approach to salary packaging can deliver many benefits to your company, including:
- Higher net remuneration for your employees
- Fully maintained novated lease and associate lease strategies
- Access to a broader range of employee benefits items
- Compliance with FBT legislation and processes
- Automated authorisation processes to simplify payroll systems
- A fair work culture
- More satisfied and productive employees
- Increased staff retention and recruitment
- Access to information about under-used employee benefits
- Significant payroll on-cost savings
- Ongoing support and education for all employees participating in salary packaging.
Options for employees
Salary packaging is simply a way to substitute taxable income with tax exempt or concessionally taxed benefits. It’s an excellent form of tax planning that ensures you make the most of concessions available to you. Many benefits can be built into a salary package, depending on your individual circumstances. These include:
- Novated motor vehicle leases
- Associated motor vehicle leases
- Remote area allowances
- Living away from home allowances
- Options for offshore employees
- Tools of trade
- Income protection
- Self-education expenses
- Investment loans and property maintenance costs.
How does the salary packaging process work?
BDO will manage the salary packaging process and supervise payment for your organisation. We will help you prepare forms for employees to complete to take up the salary packaging offer, and, work alongside your payroll team to set up the new remuneration structure.
Once your package has been implemented, BDO will provide ongoing support and advice on salary package queries.
If you think your organisation could benefit from a salary packaging arrangement, get in touch today.
How we can help
Our nationwide network makes it easy for us to help clients all over Australia with their salary packaging needs. BDO can offer you:
- Professional staff, providing specialist advice to both employers and employees
- Streamlined reporting and back-office administration
- Quality, personalised customer service, backed by an effective account management structure and access to the BDO network Australia-wide.
- The backing, compliance and ongoing advice that can be provided by the world’s fifth largest accounting and advisory firm.
We’ve helped many companies and employees achieve excellent results through salary packaging.
Ask us about a salary packaging consultation to discuss your requirements.