Salary Sacrifice and Salary Packaging for Doctors – time to review
June 29th, 2012
The most important day of the financial calendar is all but past us and a new financial year is nearly upon us. For many doctors this time comes and goes with no contact from their advice team; no pro-active phone calls to see what extra benefits – big and small – can be squeezed out of the financial year to improve overall tax and financial position.
MEDIQ Clients have on the most part taken up the opportunity to have a chat and make sure they are doing all they can to maximise their 2012 work effort and convert that to the maximum $ possible.
As we move into the new financial year there are a couple of things to think about. It’s a good time to review your salary sacrifice arrangements especially where super is a focus of the arrangement. For medical professionals in staff specialist roles, and for doctors working partially in the public system and partially private, it is wise to set your salary sacrifice levels through your salaried positions to achieve your desired level of super contribution come 30 June 2013.
For the bulk of us this will be the $25k maximum, for some the higher level of $50k will still apply.
Whilst you are going through the joys of dealing with your payroll and HR departments, you may as well check on your other salary packaging arrangements. Depending on which state you are in, making sure the $9,095 fringe benefits free item will be fully utilised by March 31 (the fringe benefits year) and ensuring the other uncapped items such as meals and entertainment are being fully optimised and commensurate with your lifestyle and likely spending at eligible vendors would be best practices.
Tax return season is also upon us, so contact us to arrange a meeting with your MEDIQ Medical Wealth Strategy adviser. They will be able to complete the tax return and assist you in reviewing these other keys items before the new financial year starts slipping by.
