Welcome to our February newsletterHello Salary Packagers Welcome to our first newsletter for 2022. I hope you and your families enjoyed a break together over the Christmas/New Year period, though I’m sure you are all well and truly back into the thick of things at your respective workplaces. I am hopeful that 2022 will allow us to bring an increased focus to the things we feel are important to ourselves, including looking at our salary packaging. With the NEW FBT year just around the corner (1st April), now is a great time to review your arrangements and check that you are making the most of the tax savings available to you. We’ve listed a few areas to check below, as well as articles detailing upcoming changes in Superannuation, and an interesting perspective on how to enter the property market. I’m looking forward to a prosperous 2022 for all of us. Regards Mark Welsh Getting your Salary Packaging ready for 2022A new salary packaging year is about to begin, and this is a great time to sign in to the portal via the salary packaging app to make sure all your details are correct. All of your salary packaging information is available to be reviewed, from your address and contact details, to the benefits you are salary packaging and the bank account we are reimbursing to. Understanding your Smart Drive BudgetsAfter the excitement of getting a new car, it’s good to remember that the purpose of a novated lease is to save you money through salary packaging. This is done by reducing the amount of tax you pay for car expenses that you otherwise would need to pay direct from your wallet. Changes to superannuation rules from July 1, 2022In welcome news the Federal Parliament last week passed the Treasury Laws Amendment Bill 2021. Effective from 1 July 2022, this legislation will implement superannuation changes, which were first proposed in the May 2021 Federal Budget. Prosperity Financial Adviser Phillip Bures explains the changes below. Buying a property with family or friendsIf you’re looking for a creative way to overcome being locked out of the property market by rising prices, buying a house with a group of family or friends may be a solution. It can also be a minefield though, so here’s how to avoid a blast. Making the most of your Meal Entertainment cardAs the end of the FBT year nears, it is a timely reminder to make sure all funds paid onto your meal entertainment card are spent before the end of March 2022. Over the course of the FBT year that runs from 1st April – 31st March annually, as an employee of a public hospital, or charitable organisation, you are eligible to salary package up to $2,649 in meal entertainment expenses, on top of any other salary packaging of taxable benefits. You can choose either to pay for these eating out expenses and submit your expenses for reimbursement, or to have regular payroll deductions paid onto a meal entertainment debit card for future use. If you elect to use a meal entertainment card it is important to ensure you spend all available funds on your card prior to March 31st. Any funds remaining on the card after this, will reduce the amount available to be salary packaged in the next year. For a detailed explanation of the meal entertainment guidelines, please read our information guide here. Prosperity Salary Packaging at your fingertips!The Prosperity Salary Packaging App offers our salary packaging clients a convenient way of interacting with us and provides quick and easy access to tools and information so they can stay connected, up to date and informed even on the holidays. Features include:
Your prosperity is our business.
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