Hello,
I was wondering if my husband and I would both be able to salary sacrifice our mortgage? He’s in the army and I will be a nurse after next year. I’ve heard that some people salary sacrifice their PPOR mortgage, does this also apply to investment property? With the IP, we plan to hold for the long term.
Many thanks for your valued response.
no advantage insalary sacrificing IP repayments – you cannot then claim them against tax.
Salary sacrifice PPOR costs, vehicle costs, credit card repayments, education etc etc.
Your salary sacrifice rep will advise you.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon.
So does that mean that we could both salary sacrifice the PPOR?
Whether it’s worth salary sacrificing depends on the Fringe Benefits Tax status of your employer. You can do essentially the same job for 3 different employers:
eg health promotion charity – basically package $15K (gross up to $30K) no FBT
public hospital – concession on FBT rate
private hospital – no FBT concessionsOtherwise it depends on what the benefit is eg laptop computer can be exempt no matter who your employer is
yes and no.
only one of you can salary sacrifice a dollar. But if your mortgage costs $20K then you could each sacrifice $10K.
I am really not an expert and you should contact the workplace expert or organisation – my wife’s employer outsourced it to a local FP company.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I’ve got an appointment with an accountant on Friday who was recommended via a previous post. He also is qualified to give financial advice, so armed with the information you have both given me, it will give me a head start to understanding what he says about it.
Thanks so much for your valued opinions [biggrin]
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