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Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)

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Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Tuesday, 11 February 2020 / Published in Articles, Salary, Walshs Blog

Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)

By Peter Hodgson, Financial Planner with Walshs

If you work in Queensland’s hospital system and have changed which hospital you work at in the past year, you may be entitled to significant tax savings through your salary packaging, while Resident Medical Officers (RMOs) may be eligible for a substantial Vocational Training Subsidy.

It is important to understand what benefits and tax relief you are entitled to, especially given that these are not automatic benefits and must be applied for to receive them.

Do you know if you are eligible for either of these benefits?

It can be as simple as phone call to find out. We can even supply you with the forms you need to apply through your hospital payroll.

Tax savings

Employees with Queensland Health who change employers within any Fringe Benefit Tax Year – April 1 to March 31 – have the option of salary packaging through both employers which can result in minimising your tax liability by between $3513 and $8060.

This assumes a marginal tax rate of 39% with actual savings dependent on your salary.

While the numbers may vary, the option remains a viable one for all staff working within Queensland Health who are moving between employers during the year, to potentially save thousands.

Professional Development Allowances

Under an agreement with the Queensland Industrial Relations Commission, Resident Medical Officers (RMOs) may be entitled to one of two Vocational Training Subsidies (VTS).

RMOs who confirm their acceptance and remain in a vocational training program throughout the year, are eligible to receive a VTS of $3760 annually while still in the program.

The VTS is not automatically carried over from one hospital to another and must be applied for in order to receive it.

RMOs who are not interns and not receiving a VTS, are eligible for a Professional Development Allowance (PDA) of $2200 each year. This is also not an automatic payment and must be applied for.

Are you receiving all your benefits?

We are able to answer your questions about which benefits you are entitled to and ensure the paperwork has been submitted.

If you are hoping or expecting to change hospitals this year, it will pay to make sure you are maximising your salary packaging benefits and applying for all subsidies and allowances you may be eligible to receive.

To receive the necessary forms to apply for the VTS or PDA through your hospital payroll, get in touch today by email.

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Tagged under: benefits, medical industry, salary packaging, Vocational Training Subsidies, VTS

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Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)

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Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
Are you getting all the benefits you are entitled to? Key tips for Resident Medical Officers (RMO)
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