Fly In Fly Out
Salary packaging for FIFO workers
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Maximise Your Income with Salary Packaging
For FIFO (Fly-In Fly-Out) workers, managing finances effectively is crucial given the unique nature of your employment. Salary packaging is a powerful tool to help you make the most of your earnings while reducing your taxable income. Here's how salary packaging can work for you.
1. Reduce Taxable Income
By packaging essential expenses like accommodation, meals, and travel, you lower your taxable income and potentially move into a lower tax bracket, saving you thousands of dollars annually.
2. Cover Work-Related Costs
FIFO workers often incur significant work-related expenses. Salary packaging can help you cover costs such as:
- Flights to and from worksite
- Temporary accommodation
- Tools and equipment
3. Maximise Your Take-Home Pay
With less income going to taxes, you enjoy a higher take-home pay. This means more money in your pocket for savings, investments, or personal expenses.
4. Streamlined Expense Management
Salary packaging simplifies managing recurring expenses, making budgeting more straightforward and less stressful.
Common Salary Packaging Items
FIFO workers can benefit from packaging a variety of items, including:
1. Travel Costs
Save on expenses related to travelling to your place of work.
2. Vehicle Leasing
Save on car expenses through novated leases.
3. Superannuation Contributions
Boost your retirement savings while reducing taxable income.
4. Work-Related Training
Fund professional development courses and certifications.