Came across this today. Not that useful for me, but maybe of interest for the brokers on the forums (though I'm sure you guys are already aware of this)
Eligible* CBA employees who have a new or existing Investment Home Loan (IHL) and entitled to claim a personal tax deduction for the interest incurred can choose Salary Sacrifice as a repayment option by simply completing an e-form.
This benefit will allow you to nominate a percentage of your IHL interest which will be paid via a deduction from your gross fortnightly salary.The salary sacrificed interest will reduce the amount of tax deducted from your fortnightly pay. This means that you can access your interest tax deductions earlier rather than waiting until the end of the financial year to make a claim on your personal tax return.
The benefit is available for both principal and interest only IHL loans (please note that Interest in Advance loans and Viridian Lines of Credit are not eligible), but only the interest that you would otherwise be able to personally claim as a tax deduction can be salary sacrificed. For example, if the loan is held jointly with your spouse or one other person, you may elect to salary sacrifice a maximum of 50% of the loan interest.
* Eligibility
1. You must be a permanent employee (either full or part-time) working for a Commonwealth Bank Group company in Australia. Casual employees, employees on a fixed term contract and those who are working overseas are not eligible to participate;
2. You must be paid via PeopleSoft HR;
3. You must have an Investment Home Loan (IHL) with the Commonwealth Bank of Australia, Colonial or Homepath that is for investment housing or personal investment purposes;
4. The IHL must not be an Interest in Advance repayment option;
5. A nominated Commonwealth Bank account must be in place at all times to meet any net repayments outside of the salary sacrifice arrangements.
Eligible* CBA employees who have a new or existing Investment Home Loan (IHL) and entitled to claim a personal tax deduction for the interest incurred can choose Salary Sacrifice as a repayment option by simply completing an e-form.
This benefit will allow you to nominate a percentage of your IHL interest which will be paid via a deduction from your gross fortnightly salary.The salary sacrificed interest will reduce the amount of tax deducted from your fortnightly pay. This means that you can access your interest tax deductions earlier rather than waiting until the end of the financial year to make a claim on your personal tax return.
The benefit is available for both principal and interest only IHL loans (please note that Interest in Advance loans and Viridian Lines of Credit are not eligible), but only the interest that you would otherwise be able to personally claim as a tax deduction can be salary sacrificed. For example, if the loan is held jointly with your spouse or one other person, you may elect to salary sacrifice a maximum of 50% of the loan interest.
* Eligibility
1. You must be a permanent employee (either full or part-time) working for a Commonwealth Bank Group company in Australia. Casual employees, employees on a fixed term contract and those who are working overseas are not eligible to participate;
2. You must be paid via PeopleSoft HR;
3. You must have an Investment Home Loan (IHL) with the Commonwealth Bank of Australia, Colonial or Homepath that is for investment housing or personal investment purposes;
4. The IHL must not be an Interest in Advance repayment option;
5. A nominated Commonwealth Bank account must be in place at all times to meet any net repayments outside of the salary sacrifice arrangements.
