If you've taken out a personal loan, you could salary package your repayments, provided that the repayments are the same amount each time. Your personal loan can be for anything a car, a boat, consolidating your debts or even going on a holiday.
Regardless of the purpose of the loan, repaying part of it with pre-tax money, could save you interest through paying your loan off sooner, as well as potentially reducing your tax bill.
Who can package this?
You could salary package loan repayments if you work for a:
- public or private not-for-profit hospital
- charity or other not-for-profit organisation
and your employer offers this as part of your workplace benefits program. Contact your employer to find out if this benefit is available to you.
What exactly can I package?
You can salary package loan repayments for personal loans.
The loan must be in your name (or jointly with someone else).
Things you need to know: The above information is not intended to constitute taxation or financial product advice. Your benefits and savings will vary depending on your personal objectives, financial situation and needs. We recommend you obtain independent financial or taxation advice before making any financial decisions.
Eligibility criteria and terms and conditions apply. All salary packaging proposals are subject to the requirements of your employer. Administration fees will apply. The actual administration fee that applies to you may vary depending on your employer. ITCs (Input Tax Credits or refund on GST) are excluded. RemServ may pay and receive commission or rebates in connection with some services and products it provides or arranges to be provided by third parties.