So, you’ve heard about salary sacrifice, but you’re not exactly sure what it is or if it’s right for you? Read on…
Salary sacrificing is something contractors can take advantage of with Bookssorted to maximise their pay!
Put simply, ‘salary sacrificing’ means you remove all business-related expenses from your gross wages, and you are taxed on the lesser amount—saving you money and lessening (or removing) that tax time bill.
These business-related expenses can include cars, mobile phones, tablets, laptops, software, superannuation and other business-related expenses like briefcases and handbags. And with Bookssorted, you can even salary sacrifice our 1.75% fee.
When you salary sacrifice, you also get the tax relief immediately in your next pay—instead of having to wait until the end of the Financial Year. You also save on the complex depreciation equation.
And the best part about salary sacrificing, is when you’re with us, our payroll services team take care of all the admin and manage your salary sacrifice. This is because when you sign on with Bookssorted Contractor Payroll Services, we become, in part, your employer, providing you certainty in payslips and allowing us to manage your salary sacrifice items and costs.
So if you’d like to reduce your taxable income to come down a bracket, buy that new car easily and without a big upfront payment, or simply find a way to better use your pay to your advantage, chat with us and we can show you what your pay scenario will be with each salary sacrifice.
As a contractor payroll service run by real people who give a damn, we want you to get the most out of your pay, without hassle. We’re here to help!
The Australian Tax Office has general information about salary sacrifice on their website. You van view it via their Salary sacrificing arrangements webpage.