End of Fringe Benefits Tax year FAQs
End of Fringe Benefits Tax year FAQs
What happens if I reach my salary packaging limit early?
Maxxia monitors your salary packaging account and will 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 2019. 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 within the FBT year, the funds will remain in your account for you to use in the next FBT year which begins on 1 April 2019.
However, your yearly cap is still the same. Any unspent funds that roll over to the New Year will form part of the new FBT year’s cap limit. For example, if you work in the Health sector and have $150 unspent from the 2018/2019 FBT year, the maximum new deductions for capped benefits for the 2019/2020 year will be $8,860, 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:
- additional superannuation
- 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 cap limit in case you're missing out on more potential savings. Find out more here.