+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 12
  1. #1
    Join Date
    Feb 2014
    Posts
    3,255
    Thanks
    324
    Thanked
    985
    Reviews
    13
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Salary sacrifice- income CL

    This is a multi part question. I have an opportunity to SS a car at work. Our combined income means we don't get CL assistance (family tax benefits etc) as we earn to much.
    Say the SS "package" is 20k per year and I earn 65k ( not real figures) does this mean my taxable income is now 45k?
    Does CL look at the 65k or 45k figure when assessing eligibility for ftb etc assistance

  2. #2
    Join Date
    Feb 2014
    Posts
    3,255
    Thanks
    324
    Thanked
    985
    Reviews
    13
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Don't mind me I'm having baby brain moments

  3. #3
    Join Date
    Feb 2009
    Location
    my house
    Posts
    17,972
    Thanks
    1,414
    Thanked
    7,610
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts

    Default Salary sacrifice- income CL

    When you complete your family tax benefit online, it asks if you have any fringe benefits tax. It should also appear on your group certificate. Whilst technically it reduces your taxable income, you still might not entitled to ftb as your reported income will not change because of it.
    Last edited by BigRedV; 04-10-2015 at 19:47.

  4. #4
    Join Date
    Jul 2014
    Posts
    936
    Thanks
    651
    Thanked
    377
    Reviews
    1
    Achievements:Topaz Star - 500 posts

    Default Salary sacrifice- income CL

    @HappyBovine is correct.
    Let's say my pre tax income is 65k (not real figures) and I salary sacrifice a certain amount so my take home pay is 45k.
    When reporting to Centrelink I need to report the 65k

  5. #5
    Join Date
    Jul 2010
    Posts
    4,265
    Thanks
    3,123
    Thanked
    3,451
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    What about sacrificing to super, is it the same deal?

  6. #6
    Join Date
    May 2009
    Posts
    4,795
    Thanks
    1,027
    Thanked
    2,260
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Wise Enough View Post
    What about sacrificing to super, is it the same deal?
    Still have to report it and it is counted to your total income. It's money you choose to sacrifice.

  7. The Following User Says Thank You to Janesmum123 For This Useful Post:

    HappyBovinexx  (04-10-2015)

  8. #7
    Join Date
    Feb 2015
    Posts
    2,389
    Thanks
    2,898
    Thanked
    1,673
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    When I applied for parental leave I had to work out my 'reportable income' which included salary sacrificed super and losses from rental properties.

    So yes, I think it is counted as income.

  9. #8
    Join Date
    Jan 2012
    Location
    Melbourne
    Posts
    4,377
    Thanks
    1,581
    Thanked
    2,604
    Reviews
    10
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Awards:
    100 Posts in a week

    Default Salary sacrifice- income CL

    .
    Last edited by ExcuseMyFrench; 04-10-2015 at 20:58.

  10. #9
    Join Date
    Jul 2010
    Posts
    4,265
    Thanks
    3,123
    Thanked
    3,451
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Janesmum123 View Post
    Still have to report it and it is counted to your total income. It's money you choose to sacrifice.
    Thanks for that, I had been wondering! I get confused by their wording.

  11. #10
    Join Date
    Oct 2011
    Location
    Newcastle, NSW
    Posts
    3,739
    Thanks
    1,473
    Thanked
    1,185
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We salary sacrifice a car to bring our taxable income down. There is 2 ways of salary sacrificing, one way is under fringe benefit tax and the other way you pay an extra amount in GST so it's not (not sure on the correct terminology). Anyway we've had our car for a year now and when DH group certificate came around his taxable income was $15k less which worked out great for us with family assistance.


 

Similar Threads

  1. Anyone up for a challenge? One sacrifice and one positive change for a month.....
    By sajimum in forum Weightloss & Fitness Challenges
    Replies: 27
    Last Post: 24-08-2015, 19:29
  2. Taxable income
    By silly in forum General Chat
    Replies: 20
    Last Post: 05-07-2015, 11:11

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
sales & new stuffsee all
Bub Hub Sales Listing
HAVING A SALE? Let parents know about it with a Bub Hub Sales listing. Listings are featured on our well trafficked Sales Page + selected randomly to appear on EVERY page
featured supporter
Ro and Co
Ro and Co kids cooking classes and parties are a fantastic way for children to experiment with food. The classes and parties are designed to be both educational and fun, giving your child the skills they need to be confident and creative in the kitchen.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!