When was the last time you reviewed your salary packaging? Is it time that you reviewed it? With the end of FBT year upon us, many Not for Profit organisations will be reviewing their staff benefit programs. One such benefit is salary packaging.
Below we provide our checklist which will help you determine the ‘health’ of your salary packaging program, whether it is outsourced or administered internally.
Health check #1: Are you getting the most from your salary packaging?
- Is salary packaging helping your organisation to retain its staff? If no, consider metrics you can put in place to measure this.
- Have your recruitment and training costs reduced as a result of salary packaging? Again, if the answer is no, consider how this can be measured.
- Are the benefits of salary packaging being explained by an expert to new employees during your inductions? Do your staff understand it?
- When recruiting new staff, do you have the tools and information to provide candidates with examples of salary packaging benefits and how this impacts the salary you are offering?
- Do you have presentations on salary packaging at your team meetings?
- Are you working in partnership with your provider to increase employee awareness and uptake of salary packaging?
- Does your provider distribute their profits and time back to the community?
Health check #2: Are you keeping up with changes and compliance issues?
- Are you aware of the changes to legislation for Meal Entertainment and Holiday Accommodation/Venue Hire coming in the new FBT year?
- Do you know what items can be packaged or have regular payments made to them?
- Would your employee provided documentation (e.g. holiday receipts and mortgage statements) pass an ATO audit?
Health check #3: Do you have access to solutions complementary to salary packaging?
- Are you finding payroll within your organisation a challenge? Have you found yourself in the difficult position of not having a back-up plan when your payroll people are unavailable?
- Can you offer your staff access to additional products and savings (e.g. health, home and car insurance)?
- Are you kept up-to-date with industry changes which could affect your organisation (e.g. NDIS)?
- Do you have access to Not for Profit consultants who understand your organisation and the sector?
- Are you given the opportunity to network with like-minded Not for Profit professionals?
If you would like to discuss the health of your salary packaging, contact CBB Salary Packaging today on 1300 763 505 or email email@example.com.