Salary Sacrifice - Making the most of your pay
So, you’ve heard about salary sacrificing, but you’re not quite sure what it is or you think it’s only something offered to permanent employees? Read on, as salary sacrificing is something you can access as a contractor and it can help you optimise your pay!
What is salary sacrificing?
In official speak, the Australian Taxation Office advise that salary sacrificing is an arrangement between an employer and an employee, where the employee agrees to forgo part of their future entitlement to salary or wages, in return for the employer providing them with benefits of a similar value.
Put simply, ‘salary sacrificing’ means you remove all business-related expenses from your gross wages, and you are taxed on the lesser amount.
These business-related expenses can include
- your car
- mobile phone
- laptop
- software
- superannuation and
- any other business related expense - it even includes our fee!
How can you help me salary sacrifice?
When you sign on with Bookssorted Contractor Payroll Services, we become, in part, your employer, providing you certainty in payslips and allowing us to manage your salary sacrifice items and costs.
Contractor payroll doesn’t have to be hard or without reward, so signing on to a contractor payroll service helps you get paid like you would in a permanent role, but live the flexible and exciting life of a contractor.
Joining the Bookssorted family helps you take pay stress off your plate!
Bookssorted have been my payroll company of choice for over 3 years. From the outset Christine has been an exceptional ambassador for Bookssorted. I believe it is that attention to detail and customer service, along with the flexibility and range of services offered by Bookssorted that sets the company apart. I would gladly recommend Bookssorted for all payroll needs in today's IT Contracting market.
I am a contractor and I was referred to use Bookssorted for my payroll processing. I consider myself to be very lucky to have this referral as I have had nothing but excellent customer service and peace of mind with Bookssorted. My payroll has always been processed accurately and on time and I have no hesitation in recommending Bookssorted to anyone who is looking for a payroll solution
Bookssorted was recommended to me by a number of my colleagues. There are never any delays in payment and they have been fantastic to deal with. Being new to the IT industry, she offered support and advise on a number of issues that I was unsure about. I highly recommend Bookssorted to any one that is after a payroll management company.
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We also work closely with finance companies specialising in novated leases to ensure you get the best service and support possible when choosing and purchasing your car, through to paying the lease and finalising the novation at the end of the lease.
If you want to know more, call us on 02 6161 8580 or email payroll@bookssorted.com.au.
At Bookssorted, we operate in Sydney, Melbourne and Canberra and we’re here to help! We are a payroll service company that has been in the industry for more than a decade, so we’re big enough to manage all your contractor payroll needs, yet small enough to know your name when you call! If you’re not with a payroll management company, or your payroll service isn’t providing you the quality service you need, chat with us and join the Bookssorted family.