CBB Salary Packaging 1300 763 505
Federal Budget Update for Not for Profits – Salary Packaging
Recent Federal Government announcements have seen an increase to the Medicare Levy from 1.5% to 2%, effective 1 July 2014. As a result there will also be a shift in the Fringe Benefit Tax (FBT) rate from 46.5% to 47%.
Employers that currently pay FBT on employee benefits will also see an increase in the amount of FBT that needs to be paid from 1 April 2014.
Changes to the FBT rate also mean that there will be a change in the rates used to “Gross Up”, for the calculation of the FBT Liabilities and Reportable Fringe Benefits Amounts (RFBA).
These changes will be implemented in the 2014-15 FBT year commencing 1 April 2014.
To read our information sheet on the changes and the impacts on your organisation, click here.
The easiest way to increase your income without working longer hours is to Salary Package!
The easiest way to increase your income without working longer hours is to Salary Package. Put simply, Salary Packaging is a way for employees to purchase a variety of goods, services and bill paying (including mortgages or rent), using tax-free dollars. The end result is an increase in take-home pay. Salary Packaging is very easy to setup and adds enormous value for both employees and employers. It’s that simple!
Salary Packaging is a fringe benefit that is accessible to employees who work for an organisation who qualifies for fringe benefit tax (FBT) exemption. Salary Packaging guidelines are approved by the Australian Taxation Office (ATO).
Employers who are Public Benevolent Institutions (PBI's) are approved by the ATO to offer Salary Packaging as a staff attraction and retention strategy to help maintain a consistent and motivated workforce.
To get started or for more information, please contact CBB the not4profit people
Flexible card option
The CBB Salary Packaging Card makes it easy for you to enjoy the flexibility of purchasing your everyday goods and even pay your bills. It is accepted at most retail outlets and has no annual card fees or account keeping fees.
The CBB Meal Entertainment Card allows you to take your partner, family or friends out for meals including all associated beverages, using tax-free dollars. You can use it at most bistros, cafes, hotels and restaurants.
CBB the not4profit people is an incorporated Not for Profit organisation and social enterprise. We specialise in providing a range of salary packaging and consulting services to the Australian Not for Profit sector. CBB channel surplus funds back into community development initiatives, community service organisations and the sector generally in meeting social objectives.
CBB Salary Packaging services Not for Profit organisations Australia-wide. Through our salary packaging, we assist NFPs to attract and retain committed staff by maximising their take-home pay.
CBB Community Consulting provides professional development and consultancy solutions to assist boards, leaders, managers and staff to meet and resolve pressing challenges.