WHEN mother-of-two Arabella had the alarming experience of her car blowing up, she was desperate for a replacement that was reliable and safe for her young family.
Arabella, from Airlie Beach, joined what is a growing trend in Queensland and decided to take advantage of her pre-tax dollars to purchase a new vehicle, through a novated lease.
New data shows a growing number of Queensland workers – especially younger ones – are taking advantage of salary packaging, to make their pay packets stretch further, amid the cost-of-living crisis.
Arabella, 25, said it gave her peace of mind.
“Even though I have a brand new Huval SUV it doesn’t feel like I’m paying for it, because it comes out before tax and it’s money I’ve already budgeted for,” she said.
The young mum is just one of many Queenslanders saving thousands of dollars a year by being financially savvy with their pre-tax dollars.
New data from Smartleasing shows there’s been a more than 25 per cent increase in salary packaging in the Sunshine state.
Everything from maintenance bills to fuel payments can be salary sacrificed, meaning it’s one less thing to budget for or worry about.
SmartGroup data shows that almost every full-time employee who works in healthcare, aged care, the not-for-profit sector, corporate Australia or the Government has access to salary packaging benefits….but less than half actually use it.
“Interestingly, our data shows a growing awareness among younger people who are salary sacrificing to boost their superannuation,” group executive Anthony Dijanosic said.
“About 11 per cent of our 18–24-year-old age bracket are taking advantage of this compared to only four per cent aged 31-40.
“It shows young people are already thinking about the future and trying to set themselves up financially as best as they can.”
