End of FBT Year FAQs
End of FBT Year FAQs
What happens if I reach my salary packaging limit early?
Maxxia will keep track of your salary packaging account and notify you if you reach your limit earlier than expected.
If this happens, we will postpone any further payments on those benefits until the new Fringe Benefits Tax (FBT) year begins on 1 April 2020. This won't affect payments to benefits which fall outside your limit — such as additional superannuation, laptops and work-related expenses.
What if I don’t use my full salary packaging limit within the FBT year?
If you don't use your full salary packaging limit before midnight 31 March, you will not lose this money, which is a common misunderstanding.
The balance simply rolls over for you to spend in the new FBT year, which begins on Wednesday 1 April, 2020. However, these funds will form part of your new cap.
For example, if you work in the Health sector and have $100 unspent from the 2019/20 FBT year, the maximum new deductions for capped benefits for the 2020/21 year will be $8,910, rather than $9,010.
So don’t miss out on maximising your capped benefits amount!
Which expenses fall outside the salary packaging limit?
Depending on your employer, there may be benefits you can salary package that don’t impact the Living Expenses or Meal Entertainment caps.
This could include:
- disability / income protection insurance premiums
- phone, tablet or laptop computers^
- professional memberships
- self-education expenses
- a novated lease* and more!
It's worth finding out other benefits you could package outside your limit in case you're missing out on more potential savings. Find out more here.
Do I need to spend my Maxxia Wallet balance?
Yes, Tuesday 31 March is the final date for spending funds on your Maxxia Wallet Card. Don't forget, some vendors and financial institutions may take a few days to process transactions, so make sure you spend your balance before Tuesday 31 March. Maxxia is not responsible for any delays in processing by vendors or financial institutions.
Don’t worry, if you have any unspent funds remaining on your Maxxia Wallet at midnight 31 March, you will not lose this money.
The balance simply rolls over for you to spend in the new FBT year, which begins on Wednesday 1 April, 2020. However, these fund will form part of your new cap.
^One item claimable per FBT year as long as the items claimed are primarily used for work during the FBT year (1 April to 1 March). Benefit not available to South Australian Police (SAPOL) employees.
*Casual employees are not eligible to salary package a novated lease.