All posts tagged: Tax Savings

Save hundred’s in Taxation

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Times are tough and if there was a way we can save money on the amount of tax we pay, life would be a lot easier.

 

There are no tricks; the government allows employers to provide salary packaging for their employees. In return the employees promote their employer as an employer of choice.

 

Salary packaging allows you to pay some of your existing costs like, mobile phones, portable devices, motor vehicles, insurances etc, before you pay any tax on your income. Allowing you the benefit of having more money in your pocket each pay.

 

Last week we helped a JBS team member to Salary Package his partner’s motor vehicle and running costs, plus his mobile phone and a laptop that he just purchased. This gave him an effective pay rise of $3,815.00 per year.

 

Salary packaging is simply increasing your take home pay by salary packaging items you would normally pay for. These can include item like mobile phones, internet, laptops, smart devices, personal insurance, tools of trade, motor vehicle payments and therefore reduces the amount of tax that is paid on your income. (The savings vary depending on your expenses and your income).

 

Salary Packaging will give you extra $$$ each pay which will assist your family with everyday living and your employer will be an employer of choice.

 

Click here to watch a short video on Salary Packaging and how this could benefit you.

 

Contact JBS Salary Packaging to get your personal tailored Salary Package Report which shows you how salary packaging can save you $000’s in taxation and give you more money in your pocket.

 

JBS Salary PackagingSave hundred’s in Taxation

Changes in the blink of an eye

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Each year trends appear in the technology industry with new improvements happening almost daily but as you can salary package a portable device such as an iPad, tablet or laptop annually without any Fringe benefits Tax (FBT) you can afford to keep up to date. Some of the new features are fads and will fade as quickly as they arrived however some features will become standard across the board on laptops and other computer devices but how do you know what is a keeper and what you won’t need in your next purchase?

 

tabletThere is generally an annual tech show that occurs in January each year in Australia and they also show around the world. At these conventions, computer producers try to one-up each other with the latest and greatest. We’ll discuss a few of the new and improved features available on current laptop, computer, handheld devices, etc.

 

Having a convertible design seems to be the ‘top of the charts’ must have – giving you flexibility to have a laptop for your desk at work and converting to a convenient and small tablet while on your flight to Sydney. Many suppliers are now integrating convertible functionality into their designs but are not skimping on capability or power to do so.

 

New connections are big each year, with the introduction of UBS-C in 2016. The idea of new connection ports is to fasten up the transfer rate (data and power) and again improve performance. These may become the norm relatively soon, with Macbook, Dell, HP and Lenovo all including it in their 2016 releases so just watch out for this one.

 

OLED – have you heard of it yet? It’s all about screen resolution and it’s been in some of our mobile phones for a little while now (Samsung Galaxy series) but only now are we starting to see it in laptops and TVs. So what is it? OLED, or organic light-emitting diodes, works by putting electricity through certain materials that glow specific colours. You effectively get a clearer and sharper colour but also as individual pixels shut down if there’s no colour, you get a blacker black, providing a significantly better watching experience. The application of OLED is endless and allows for a thinner screen and can even be made flexible. This is definitely one to watch out.

 

Intel, the main guys that produce PC chips, has again upgraded their processors to a new generation. Officially called Intel 6th Generation Core series (Code-named Skylake), these new CPUs are not only quite a bit faster than the one in your three-year-old laptop, but also promise significantly longer battery life.

 

Like every other year, there’s been significant technology change so it might be time for an upgrade. With the benefit of a FBT free purchase, maybe you should give us a call to see if you can get yourself a new laptop for a nice price while saving on tax. If you’re considering an iPad or other hand held device, you could even look at bundling it with your mobile phone – why not save tax on all your everyday items. Give us a call and we can see what other things can be packaged for you.

JBS Salary PackagingChanges in the blink of an eye

Anyone for a Laptop, IPad, Surface, Tablet or Phone

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Salary packaging and the tax benefits it brings are based on fringe benefits tax exemptions. Exciting news of late is that these tax exemptions have been extended. Recent changes to the laws mean that from 1 April 2016, small businesses can provide their employees with multiple work-related portable devices, evenPackage where the devices have substantially the same functionality. Previous laws restricted this to one device per employee per FBT year. Multiple devices were only allowed where the functions of each device was substantially different from each other.

The ‘substantially identical function’ test will still apply for other eligible work related items such as computer software, protective clothing, other tools of the trade. This law change is particular to portable devices.

What does this mean for you? There are a few qualifying criteria, like your employer being a “small business” as defined by specific rules and the item still has to be work-related, so if you’re a garbage man or lolly-pop lady maybe you won’t qualify. But, if you’re in a line of work where devices are required or expected, you can now get multiple devices, like an iPad and a laptop. So, who’s up for a laptop, surface, iPad, tablet, smart phone and whatever else you can find?

To discuss further contact the team at JBS Salary Packaging

JBS Salary PackagingAnyone for a Laptop, IPad, Surface, Tablet or Phone