Cashing out has never been easier
SmartWage exists to optimise the financial management of leave liabilities by automating and streamlining current processes.
About Us
SmartWage is a technology solution that helps organisations better manage their leave balances.
Covid and recent shortages in labour markets have exacerbated the challenges faced by organisations to maintain leave balances.
Developed by a CFO, SmartWage exists to optimise the financial management of leave liabilities by automating and streamlining current processes.
Our core solution provides staff leading edge technology to instantly cash-out excess annual leave through our integrated mobile app.
Value is generated for Employers by reducing leave provisions and liabilities, reducing wage inflation, increasing employee productivity and accelerating tax deductions.
Employee's benefit by INSTANTLY receiving their leave as currency should they choose to cash-out their entitlements.
SmartWage is a unique solution as it increases value for both Employers and Employees.
Cashing out leave has always been legally available to workers with agreement from their Employer – though an easy access mechanism has not existed.
That problem has now been solved.
Balance financial and physical health
Taking a holiday is still extremely important.
1. Staff can only cash out leave over a four week balance.
2. Staff can only cash out up to two weeks per year.
So staff will still have plenty of leave left to take a holiday!
Example #1 - if you have five weeks annual leave balance, you can cash out up to one week.
Example #2 - if you have seven weeks annual leave balance, you can cash out up to two weeks.
SmartWage empowers Employees to choose how they access their leave entitlements.
Early Wage Access
Every 20 seconds a payday loan is approved in Australia - crazy right?!?
These predatory credit providers profit over $500m each year preying on members of the community when they are at their most vulnerable.
Just turn on the TV and find ads from BeforePay, MyPayNow, Wallet Wizard and Nimble. They are charging customers huge fees to fund their prime time advertising campaigns.
Do not let new providers on the block fool you with ‘set fees’ or ‘low fees’.
BeforePay, MyPayNow, Wallet Wizard, Nimble and various credit cards can charge interest rates in excess of 260%!
SmartWage solves this need for predatory loans by letting staff cash out some of their leave instead of paying these huge fees and charges.
Have Any Questions?
Check out our FAQ's for answers to some commonly asked questions.
Yes - SmartWage must set up an account with the Employer in order for SmartWage to work. SmartWage cannot cash out leave without setting up an account with an Employer.
SmartWage is build on industry leading Google Cloud architecture. We use two factor identification and user password at login. We take your security very seriously!
It is FREE for EMPLOYEES to use SmartWage!
When employees unlock and cash out their leave, employers pay a small transaction fee to provide this financial benefit to their staff.
Your Employer calculates this for you.
The SmartWage app provides you with a conservative estimate of the amount you have available to cash out.
At any time, we will forward you this amount instantly at your request.
Our calculation of your tax rate is 47% - the highest possible tax rate.
So that might be a little higher than your usual rate –though that is OK!
SmartWage tell your Employer how many hours you have requested to cash out.
Your Employer then process payroll and tell us the exact amount you can cash out based on the number of hours you requested.
If the amount SmartWage forward and your Employer advises you can cash out, on payday we will increase the amount on your SmartWage MasterCard to ensure you receive the exact amount your employer deducts from your leave balance.
We do need your employer to sign up first, If they haven't - please contact us with your employer's details and we will contact them to let them know about this new solution!
If the referral is successful, we'll give you $250!
No - though certain rules apply when cashing out annual leave:
- An employee needs to have at least 4 weeks of annual leave left after cashing out
- An employee can't cash out more than 2 weeks each 12 months
- A written agreement needs to be made each time annual leave is cashed out (we will handle this for you)
- An employer can't force or pressure an employee to cash out annual leave
- The payment for cashed out annual leave has to be the same is what the employee would have been paid if they took the leave
Is it legal under Fair Work Australia to cash out leave and most of the population will at some stage accrue over 4 weeks.
Example - If you have accrued 7 weeks of annual leave, you will be able to cash out up to 2 weeks immediately. In 12 months time, you will be eligible to cash out further leave, subject to your balance remaining over 4 weeks.
SmartWage calculate this automatically and makes the amount legally allowed to cash out instantly available.
An employee needs to have a balance of 4 weeks of annual leave left over after they complete a cash out.
In general, an employee can cash out up to 2 weeks each 12 months.
Example - If you have accrued 5 weeks of annual leave, you will be able to cash out 1 week immediately.
SmartWage will calculate this for you and make it available to instantly cash out - you don't need to calculate anything, we make it simple.
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