Prosperity Advisers Group’s salary packaging division has surpassed $2 billion in tax savings delivered to Australian employees as the firm marks 25 years of operation. The milestone follows a quarter-century of the division providing compliant salary packaging solutions to the healthcare, not-for-profit, government and corporate sectors.
Operating nationally, the division manages programs designed to increase after-tax income while reducing the administrative requirements for employers. The service has evolved alongside various legislative changes since its inception, with recent growth driven by digital onboarding tools and a broader integrated advisory model.
Founder and CEO, Allan McKeown said the $2 billion figure represents a tangible financial impact for hundreds of thousands of employees.
“Salary packaging, when delivered compliantly, can make a difference to household budgets,” Allan said.
“This milestone reflects the long-term value provided to both employers and employees over the past 25 years.”
The division’s service offering includes novated leasing, living expense packaging and remote area benefits. Director of Salary Packaging, Jeff Chittock said the focus remains on managing complex regulatory requirements to ensure employees maximise their available benefits.
“Employers rely on us to manage compliance, and reaching $2 billion in delivered savings demonstrates the consistency of that trust,” Jeff said.
A significant shift in the market has seen a rise in enquiries for novated leasing, particularly for electric vehicles (EVs). Under current Fringe Benefits Tax (FBT) exemptions, eligible EVs have become a primary focus for employees looking to reduce transport costs and increase take-home pay amid rising fuel prices and household cost pressures.
Jeff said a structured salary packaging program has become a factor in regional recruitment and retention strategies.
“It helps organisations compete for talent while improving employees’ take-home pay in a sustainable way,” Jeff said.
Prosperity Advisers Group employs 200 people across offices in Sydney, Newcastle and Brisbane. Allan said the 25-year anniversary is a period of reflection on the firm’s history as they continue to invest in technology to support future workplace outcomes.
IMAGE | Prosperity Advisers Group’s salary packaging division has surpassed $2 billion in tax savings delivered to Australian employees
