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  1. #1
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    Default Smart Salary

    Can anyone with a packaged vehicle tell me if they use their taxable income as per Defence pay or as per tax payable according to SmartSalary to calculate their Family Assistance benefits?

    We're looking at getting a new car and DH's taxable income in going to be considerably less then what I currently use for the Family Assistance office so I'm not sure which figure I would tell them to calcualate my benefits.

    Thanks girls

  2. #2
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    bumping for you. wish ti wasnt defence as i could help!! lol

  3. #3
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    We just went through this, it goes on your income before any smart salary deductions.... Understandable but really sucks as my DH did it before we were dating so wasn't expecting to end up with a girl with two kids so we're really struggling.

  4. #4
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    OH no we were told by the guy that it could be the estimate he gave... I think more info is needed as I based our decision on his advice! I may be in alot of trouble... bugger
    Freya have you done a full year cycle?

  5. #5
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    As you give an estimate to FAO of your partners taxable income the amount of FTB you recieve is based on this. At the end of the financial year the ATO data is matched with the FAO data and this ends up either you've been paid less or more than what your entitled to. I think you'll find that it is the taxable income which is matched (not sure if this is meant to happen) and this would be less than normal due to the pretax dollars used in salary sacrifice. You may find you are better off than expected with a lumpsum FTB correction after you've lodged your tax returns. I think it has to do with a Fringe benefit limit that needs to be reached before it is declared possibly unique to ADF as i didn't think it would work out the way it has. It goes against my understanding of Fringe Benefits Tax and Family Tax Benefit.

    Good luck

  6. #6
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    Thanks for the replies...I was hoping that it would go on the taxable income but just to make sure I think I'll leave it at DH's actual income this year and see what happens....a nice lump sum payment at tax time would be nice

  7. #7
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    Hi Guys

    Sorry - I'm a bit late to the party on this thread but I work at Smartsalary as the Senior Tax Adviser and I can answer the question for you!

    The answer is that Family Assistance payments are generally calculated using your taxable income plus your reportable fringe benefit amount ("RFBA"). If you're packaging a car fringe benefit (and you meet your estimated km target) then this should reduce your taxable income without giving rise to an RFBA - i.e. packaging a car should reduce your reportable income for Family Assistance purposes.


    So 3princes above was absolutely right - you should be better off for FTB purposes because of your vehicle packaging.

  8. The Following User Says Thank You to Simon Ellis For This Useful Post:

    Mod-Uniquey  (30-12-2011)


 

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