An effective Salary Packaging provider can be your secret weapon in the war for talent. Leaving it in the too hard basket will put your recruitment and retention activities behind the eight ball.
As competition for talent continues, salary packaging can be the difference in attracting and retaining employees. In today's world it's not enough to stop at good working conditions and competitive salaries to keep employees engaged.
Employees can legally structure their salary as a combination of cash and benefits which have either tax free or concessional tax rates. By reducing their taxable income, they can maximise tax benefits and essentially save money.
The Prosperity Salary Packaging team supports a broad client base ranging from public hospitals, to aged care facilities, charities, religious organisations, government agencies (local and state), not for profits, private schools, listed corporations and private businesses.
The benefits of salary packaging for employers include:
- Employment: Attract and retain without increasing costs or administration
- Efficiency: Reduces the time pressures on company resources (HR, finance and payroll)
- Cost saving: Outsourcing removes in-house costs including wages, rent, specialist technology and costs of employee tax specialists
- Flexibility: Switching from in-house to outsourced usually increases benefits available to employees, improving the overall value of the program
How we work?
Working closely with our clients to introduce a suite of benefits, we reduce organisational costs and provide genuine after-tax advantages to employees.
We remove the administrative burden by assessing each employee's financial situation in relation to salary packaging, including explanations and calculations of the various components of their personalised package. We develop and deliver an effective communications strategy for ongoing awareness and understanding of packaging for all parties involved.
We provide a range of digital tools to support our program including online explainer videos, regular newsletters providing insights into opportunities, online calculators for those who like to do their own research, and web portals for viewing balances, and making claims – all of which can be accessed through our smart phone App.
Our firm's size and culture and our extensive change management experience, allows us to adapt quickly to client environments which means minimal disruption in transitioning to a new service provider.
What can be packaged?
Depending on your employer status, the below are examples of what could be packaged:
- Car leasing (novated lease)
- Mortgage repayments
- Personal living expenses
- Eating out
- School fees
- Personal loans
- Personal insurance
- Laptop computer (business use)
- Mobile phone (business use)
- Membership fees or subscriptions
- Remote area housing assistance
- In-house benefits depending on your employer
Our consultants have expert knowledge of salary packaging and FBT principles and are also exceptional ‘people’ people. The human aspect of engaging with your team is paramount to the success of the program. If you would like more information on how we can provide Salary Packaging services to your business, please contact National Employee Benefits Manager Mark Welsh on 02 49077147 or email firstname.lastname@example.org.