How to maximise your salary packaging cap limit
How to maximise your salary packaging cap limit
There are a range of benefits you can take advantage as part of your salary packaging cap. For eligible health employees, the cap is $9,010 and for eligible charity employees, the cap is $15,900.
If you do not 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 2024.
To maximise your potential tax savings, however, you must use your full cap limit before the end of the FBT year.
If you have a balance of unused funds remaining after Sunday 31 March 2024, you do not lose this money, which is a common misunderstanding. The balance will stay on your account for you to spend in the new FBT year, which begins on Monday 1 April 2024. However, these funds will form part of your new cap as your cap doesn't roll over, which means you may lose the potential tax savings on the cap limit you have not used from the previous FBT year.
Luckily for you, the end of each FBT year ends on the same date — 31 March – so there is plenty of time to plan.
Let’s take a look at the key dates for end of FBT year and run through the things you need to know to help maximise your cap..
Maxxia Wallet Card
If you salary package the Maxxia Wallet card you need to reduce the balance to zero by 31 March 2024 in order to maximise your potential tax benefits for the year. If you let the balance roll over, it will reduce the new cap limit for the new FBT year, which begins on 1 April 2024.
Do: Have fun with your Maxxia Wallet! And if you’re running out of ideas, buy a gift voucher; this will help clear the balance on your Wallet but you can use the voucher at a later date.
Don’t: Leave it until the last minute to spend your balance!
Tip: Use the Maxxia app or Maxxia Online to track your balance so you know what you’ve spent, and how much you’ve got left to spend.
Here are some more ideas for helping to reduce the balance on your card:
- Give your other cards a rest and use your Maxxia Wallet as much as you can throughout January, February, and March!
- Why not pre-pay some bills? Another easy way to reduce the balance on your card as much as possible before 31 March. Note: this applies to Living Expenses only.
Contacting Maxxia during the EOFBTY
While we aim to do our absolute best, the EOFBTY can mean extended call-wait times. We recommend the below options for keeping in touch with us during this time.
- Check out more info at sagov.maxxia.com.au/fbt-year-end/government-south-australia
- View your account via Maxxia Online
- Chat with us on LiveChat
- Email us at [email protected] or for novated lease enquiries [email protected]
- Follow our Facebook and Instagram to stay up to date with the latest information.
This material is general advice only. It does not take into account your particular/personal objectives, personal financial situation or personal financial circumstances. Consider if this product is right for you. You should read the Product Disclosure Statement (PDS) for this product before making any decision on the new Card (Maxxia Wallet). You can read the PDS here. The Target Market Determination for this product can be found here.
Maxxia Wallet is a Mastercard and is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd. Maxxia Pty Ltd (Maxxia) ABN 39 082 449 036 is an Authorised Representative of EML Payment Solutions Limited Australian Financial Services Authorised Representative number 000278683 and participates in the promotion and distribution of the Card.