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What is LAFHA?
LAFHA essentially stands for Living Away from Home Allowance. As the name indicates this applies when an employee is required to live at a place which is away from his usual residence for work. This allowance aims at compensating the additional expenses incurred or disadvantages suffered owing to this temporary move. Period of being away from home should exceed 21 days to distinguish LAFHA from travel allowance. What all gets covered in this allowance? LAFHA is a fringe benefit. It typically covers an employer providing food and...
read moreWhat is Salary Packaging?
What is Salary Packaging? Salary Packaging is a way to restructure one’s income. It allows buying items from the pre-tax salary instead of the after -tax salary. This results in greater savings and lesser tax as the taxable income gets reduced. This actually benefits everyone – no matter how much money they make. What are the popular items to be covered in salary packaging? The commonly salary packaged items include: Vehicles Laptops Mobile phones Computer software Briefcase or any approved tool of trade Does salary sacrificing get...
read moreA Glimpse at the gamut of PAYG Services offered by IPS
In Independent Payroll Services (IPS), we offer our PAYG services to contractors who are basically looking to process and manage their wages in a proficient manner. We offer an array of services at an affordable management fee. Tax is deducted in each pay period and duly submitted to the Australian Taxation Office (ATO) on your behalf. We manage your super funds by deducting the statutory superannuation from your pay and deposit it to your nominated fund account every quarter. Moreover you can also make arrangements for increasing the...
read moreReasons for choosing IPS for Reaching Financial Success
We at Independent Payroll Services boasts to have a team of Payroll and Accounting experts who would ascertain you to reach professional success without worrying about financial and accounting burdens. Our core competency is to ensure that you meet the statutory, regulatory requirements and government compliance with hassle-free paperwork managed by a team of professionals who are experts in the fields of PAYG tax and Salary Packaging. Our major objective is to offer you the peace of mind and breathing space by minimizing the statutory tax and...
read moreHow to opt for Effective Salary Packaging techniques
Salary packaging is also termed as Salary sacrificing. Salary packaging is an effective way of lowering taxable income. It is an ATO approved way for enhancing the amount of disposable income. There are two reasons which should compel you to choose Salary Sacrificing option: You have to pay less tax You can enjoy more money in your pockets by paying expenses There are different tools which can be exercised for effective Salary packaging through Independent Payroll Services (IPS). They are: Novated Car leasing: Packaging a car through...
read moreSuper Contributions
Super is money set aside over your lifetime to provide for your retirement. For most people, super contributions begin when an individual starts to work and his/her employer starts paying their super contributions. The payments made to their respective super funds are known as super guarantee contributions. In other words, it is also termed as concessional contributions. Super funds invest your money in an array of things, like shares, property and managed funds. Complying super funds receive more favorable tax treatment than individuals and...
read moreAdvantage Salary Packaging
In simple terms, Salary packaging is an Australian Tax Office approved way of restructuring your income. By opting for Salary Packaging you can buy goods and services or pay personal expenses and costs from before tax income rather than after tax income – resulting in tax benefits and better income! Why Salary package? This is an effective and Australian Taxation Office (ATO) compliant arrangement that gives more buying power to you as you are restoring the tax dollars that would otherwise be withheld from your pay and paid to the ATO for...
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