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  1. #1
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    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
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    Don't mind me I'm having baby brain moments

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    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 20:47.

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    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
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    What about sacrificing to super, is it the same deal?

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    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)

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    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.

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    Default Salary sacrifice- income CL

    .
    Last edited by ExcuseMyFrench; 04-10-2015 at 21:58.

  10. #9
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    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.

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    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.


 

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