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Salary Packaging Calculation Examples

To give you a better idea of how salary sacrificing can save you money we have created two real life examples comparing salary sacrificing with personal financing.

We have estimated 15,000km over a 5 year lease – this represents an ‘average’ package. For savings specific to your needs give us a call on 1300 738 601.

(Note: Recent budget changes mean that there is no longer a minimum number of kilometres that you have to travel in order to make significant savings through salary sacrificing, which is great news!)

 

 

  • Example 1 - MITSUBISHI PAJERO $80,000 Salary
    Brian

    Brian is a 26 year-old police officer, employed full time, earning $80,000 a year. He has a Mitsubishi Pajero Sport GLX. He is leasing for five years, at 15,000km/yr. Brian saved $12,819 off the purchase price through our national fleet discounts. He is $2,770 per annum better off.

    Novated Benefit
     Not Packaging Salary Packaging
    Annual Salary (Pre-tax)$80,000$80,000
    Less motor vehicle$0$6,847
    Less FBT$0$0
    Less GST on employee contribution$0$697
    Add input tax credits$0$1,320
    Taxable Salary$80,000$73,776
    Tax (inc Medicare)$19,147$17,000
    Net salary pre-employee contribution$60,853$56,776
    Employee contribution (vehicle)$14,515$7,668
    New cash salary (after input tax credits)$46,338$49,108
    Net packaging benefit per year*$2,770
    Novated Advantage$13,849
  • Example 2 - TOYOTA COROLLA $80,000 Salary
    Hayley

    Hayley is a 32 year-old teacher, employed full time, earning $80,000 a year. She has a Toyota Corolla Ascent Sport Hatchback. She is leasing for five years, at 15,000km/yr. Hayley saved $2,614 off the purchase price through our national fleet discounts. She is $2,217 per annum better off.

    Novated Benefit
     Not Packaging Salary Packaging
    Annual Salary (Pre-tax)$80,000$80,000
    Less motor vehicle$0$5,480
    Less FBT$0$0
    Less GST on employee contribution$0$467
    Add input tax credits$0$966
    Taxable Salary$80,000$75,018
    Tax (inc Medicare)$19,147$17,428
    Net salary pre-employee contribution$60,853$57,590
    Employee contribution (vehicle)$10,620$5,140
    New cash salary (after input tax credits)$50,233$52,450
    Net packaging benefit per year*$2,217
    Novated Advantage$11,085

*Please note: Calculations are based on recommended retail prices of vehicles and do not include national fleet discounts. Budgeted running costs are estimates only and will vary according to driving conditions, location, price of fuel and distance travelled. Our consultants are happy to provide accurate quotations specific to your vehicle requirements.

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