What are the Advantages Salary Sacrifice?
There are a number of advantages of salary sacrificing, including:
- Reduced Income Tax: By sacrificing part of your salary, you effectively reduce your taxable income. This can result in a significant reduction in the amount of income tax you pay.
- Increased Superannuation: One of the most popular benefits of salary sacrificing is the ability to make additional contributions to your superannuation. These extra contributions can help to boost your retirement savings.
- Access to Employer-Provided Benefits: Salary sacrificing can also give you access to employer-provided benefits, such as cars and health insurance.
What is Salary Sacrifice and How Does It Work?
Salary Sacrifice is a setup where an employee agrees to take less salary in return for benefits provided by their employer. This happens with an agreement between the employee and the employer. The benefits can be in the form of employer-provided goods and services or contributions to your superannuation. Salary sacrifice helps in providing the benefit of less taxes.
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