You can salary package your household expenses (ie. cost of living expenses). The expenses GO Salary recommend include:
- Mortgage, care or personal loans
- Credit card payments
- Private Health Insurance
- School and education fees
- Medical and dental expenses
- Salary Packaging Card
Remember, the aim is to claim enough bills to cover the salary packaging limit (see below). We recommend you use your largest family bills first (eg. mortgage or rent), and add any additional bills to reach the limit. Contact GO Salary for assistance.
There are no, or few exclusions. However, it is impractical to salary package low value expenses and expenses with GST (e.g. phone, electricity, insurance). Contact GO Salary to maximise your salary package entitlement.
$15,900. Fortnightly, the value is $611.50. Monthly, it is $1,325. The annual value equates to $30,000 ‘grossed-up’.
Add to My Salary Package
You can add household expenses to your salary package by:
- Go to the My Salary Package page; and
- Select ‘Add Household Expense‘ and follow the simple instructions.
Substantiation (this is an ATO requirement)
It is an ATO requirement that you provide proof of any expense you salary package. We recommend you salary package your ‘fixed’ expenses, as these are easiest to prove (a single copy will suffice).
|Fixed Expense||Document Required|
|Mortgage||Loan statement showing payments|
|Personal/Car Loan||Loan statement showing payments|
|Rent||Rent agreement/statement from landlord/agent|
|Health Insurance||Statement/letter from insurer|
|Variable Expense||Document Required|
|Credit Card Payments||Statements showing amount PAID|
|Interest||Bank statements, showing all interest paid|
|Rates||Annual/quarterly rates notice|
|School Fees||Tax invoice, each term|
|Medical/Dental||Tax invoice per treatment|
Please respond quickly to any requests from GO Salary for substantiation. Failure to do so will result in the delay, suspension or cancellation of your salary package. Salary Packaging Card holders do not need to provide copies of any purchases. The card is an ideal paperless option.
What Happens with my Pay?
The amount nominated will be deducted from your salary pre tax, in addition to any other benefits (eg. meal entertainment). The amount deducted is then reimbursed into your nominated bank account (or salary packaging card). Payment is a single deposit if you have other salary packaging deductions.
For example, if your salary package amount is $611.50, this amount is deducted from your salary pre tax and paid tax free into your nominated bank account (or card) each fortnight.
Yes, the benefit is reported on your Payment Summary. The value reported is the ‘grossed-up’ value. This is calculated as $15,900 x 1.8868 = $30,000. If you salary package meal entertainment / holiday accommodation, a further $5,000 may be reported.
Please contact us and we’ll be happy to help!