We are now in the final stretch of the 2022 financial year and for all of us we can now look forward to getting our payment summaries in July and lodging our tax returns.
For those people salary packaging non-exempt benefits, you will have a Reportable Fringe Benefit figure listed on your payment summary. For many of us this will have no impact, but for anyone who has a higher education debt you should be aware that this figure will impact on the ATO’s final calculation of your income for HELP debt repayment.
As part of our sign up service, we check with each new packager to determine whether a HELP debt needs to be factored in, and provide each packager with a detailed calculation, outlining any additional deductions that should be notified to your payroll team. It is worth having these details periodically checked, especially if you have seen a role change or salary increase over the past year.
Touch base with our team for a no cost review of your arrangements. Not only will we help you to save money through your salary packaging, we typically assist you in repaying your higher education debt faster as well!
