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Salary Packaging Procedure
Section 14. Case Examples
Examples of packaging UniSuper contribution
Note:
- In the following examples the amount for pre tax UniSuper contributions is at the rate of 8.25% of gross pre-packaging salary to allow for 15% Contributions Tax.
- All additional contributions are subject to 15% Contribution Tax.
| EXAMPLE 1 |
| HEW level 6 - Step 5 (all figures expressed in per annum amounts) |
| Before Packaging |
After Packaging |
| Gross salary |
$57,953 |
Gross salary* |
$53,059 |
| Income Tax (includes Medicare levy) |
($12,105) |
Income Tax (includes Medicare levy) |
($10,563) |
| UniSuper 7% |
($4,057) |
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| Net take home salary |
$41,791 |
Net take home salary |
$42,496 |
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Increase in net salary |
$705 |
*Calculated by deducting the following from the pre-package salary:
- UniSuper 8.25% ($4,781)
- Admin fee ($113)
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| EXAMPLE 2 |
- Senior Lecturer
- Senior Research Fellow Level C - Step 2
|
| Before Packaging |
After Packaging |
| Gross salary |
$97,965 |
Gross salary* |
$89,770 |
| Income Tax (includes Medicare levy) |
($26,146) |
Income Tax (includes Medicare levy) |
($22,909) |
| UniSuper 7% |
($6,858) |
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| Net take home salary |
$64,961 |
Net take home salary |
$66,861 |
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Increase in net salary |
$1,900 |
*Calculated by deducting the following from the pre-package salary:
- UniSuper 8.25% ($8,082)
- Admin fee ($113)
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Note:
- In the following examples the amount for pre tax UniSuper contributions is at the rate of 8.25% of gross pre-packaging salary to allow for 15% Contributions Tax.
- All additional contributions are subject to 15% Contribution Tax.
| EXAMPLE 3 |
| Assistant Lecturer Level A Step 1 academic earns $67,687 and wishes to package pre-tax UniSuper member contributions. |
| Before Packaging |
After Packaging |
| Gross salary |
$67,687 |
Gross salary* |
$61,990 |
| Income Tax (includes Medicare levy) |
($15,171) |
Income Tax (includes Medicare levy) |
($13,377) |
| UniSuper Investment Choice Plan/Defined Benefit Plan |
($4,738) |
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| Net take home salary |
$47,778 |
Net take home salary |
$48,613 |
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Increase in take home salary |
$835 |
*Calculated by deducting the following from the pre-package salary:
- UniSuper Accumulation Super (2)/Defined Benefit Division ($5,584)
- Admin fee ($113)
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| EXAMPLE 4 |
HEW level 4 Step 1 staff member earns $49,161 and wishes to package the following:
- UniSuper Accumulation Super (2)/Defined Benefit Division member contributions
- Additional contributions to Accumulation component of $1500
- Car parking permit fees at Caulfield campus (2009 red permit, $550 incl. GST, no GST payable when salary packaging)
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| Before Packaging |
After Packaging |
| Gross salary |
$49,161 |
Gross salary* |
$42,993 |
| Income Tax (includes Medicare levy) |
($9,335) |
Income Tax (includes Medicare levy) |
($7,392) |
| UniSuper Investment Choice Plan/Defined Benefit Plan |
($3,441) |
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| Award Plus Plan |
($1,275) |
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| Parking (GST payable) |
($550) |
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| Net take home salary |
$34,560 |
Net take home salary |
$35,601 |
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Increase in take home salary |
$1,041 |
*Calculated by deducting the following from the pre-package salary:
- UniSuper Accumulation Super (2)/Defined Benefit Division ($4,055)
- Additional contribution ($1,500)
- Parking (No GST) ($500)
- Admin fee ($113)
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