- December 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Financial and Tax Considerations for Foreign Doctors in Australia
Introduction
As a doctor who graduated in the UK and currently residing in Australia with Permanent Residency, navigating the country’s financial and tax systems can be daunting. In addition, I am considering purchasing property in the near future, adding another layer of complexity to my financial situation.
Salary Packaging and Superannuation
To optimize my financial situation, I have been salary packaging around $500 per fortnight into my Super to take advantage of the First Home Super Saver Scheme (FHSS). However, with around $45k of carry forward concessional contributions from previous years, I am uncertain about the implications of exceeding the $25k yearly limit for Super contributions.
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Salary Packaging for Rent, Meals, Health Insurance, and Memberships
I have also been utilizing salary packaging for rent, meals, and recently discovered the potential to package health insurance and professional memberships. However, there is confusion among my peers regarding the tax implications and the wisdom of salary packaging these expenses.
AI Legalese Decoder can provide expert insights and advice on the tax implications of salary packaging various expenses, helping me make informed decisions regarding my financial strategy.
Tax Implications
Despite my concerted efforts to minimize tax liabilities through salary packaging, I am unsure whether my current tax situation is too good to be true. With only about 10% of my income going towards taxes, I am concerned about potential ramifications at the end of the fiscal year.
AI Legalese Decoder can assist in comprehensively understanding the tax implications of different financial decisions, ensuring that I mitigate the risk of facing an unexpected and substantial tax bill at the end of the year.
Conclusion
As I navigate the complexities of the Australian financial and tax systems, the AI Legalese Decoder provides valuable support in understanding and optimizing my financial strategy, ultimately empowering me to make informed decisions and secure my financial future in Australia.
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Make sure your government super allows you to use FHSSS
I know SuperSA doesnÔÇÖt count salary sacrifice contributions towards FHSSS, but not sure if that would be similar with other government superfunds in different states health networks
Note; you can’t use more than $15k pa for the FHSSS.
You can put in $45k using your carry forward contributions in a year, but you will only be able to use $15k of that for the FHSSS.
Salary packaging is fixed limit per year. It’s split into living expenses and meal/entertainment.
Do rent for living expenses, and claim back eating out for meal entertainment. That’s it.
https://www.healthshare.nsw.gov.au/staff-resources/employee-benefits/salary-packaging/faq
Just looked it up, it’s $9009 per benefit, so basically 18 grand per year. Where I worked, the employer took half the tax benefit though, so effectively I only half of that as tax free…
Super is separate from salary packaging, even if your employer doesnÔÇÖt allow it, you can do it yourself and still claim the tax benefits.
You are correct that going over the $27,500 concessional cap (employer contributions + voluntary contributions) is fine as it will use up your carryforward cap.
I would check with ATO or a tax agent re being exempt from MLS, because if you arenÔÇÖt it might not be worth it. They calculate MLS on your taxable income + reportable fringe benefit amounts (RFBA), which are grossed up by 1.868. + voluntary super
PHI (and amounts above the $9,010 living + $2,650 meals cap) attracts Fringe Benefits Tax that your employer pays, which is why other commenters say you have a max. Most employers donÔÇÖt want to pay extra tax so donÔÇÖt allow it.
I donÔÇÖt think AHPRA fees would attract FBT as itÔÇÖs work related.