Tips to help you maximise your cap
Tips to help you maximise your cap
Now is the time to maximise your cap limit!
There are a host of salary packaging benefits you can take advantage of up to your allotted cap (eligible health employees, $9,010; eligible charity employees $15,900). 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 2020.
But to maximise your potential tax savings you must claim or spend to your full cap limit before the end of the FBT year. If you have a balance of unspent funds at midnight on March 31, these funds will be rolled over to the next FBT year. (You do not lose this money, which is a common misunderstanding. However, the FBT year will have changed from 1 April 2020, so when you do spend or claim the money it is now reported in the new FBT year, not the previous one.)
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 and the things you need to know.
Maxxia Wallet
If you salary package the Maxxia Wallet you need to reduce the balance to zero by 31 March. If you let the balance roll over, it will reduce the new cap you are given on 1 April.
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 till the last minute to spend your balance!
Tip: Use the Maxxia app to track your balance so you know exactly what you need to spend.
Unsure if you’re on track to reach your limit? Email us at [email protected] and request a cap limit check-up. We can help make sure your fortnightly contributions are on track to reach your limit – be it for Mortgage, Maxxia Wallet or Meal Entertainment.
Take this information on board and you will cruise into March knowing you’re getting the most out of this FBT year.
Check out our quick tips for more information
Maxxia Wallet is issued by Heritage Bank Limited (ABN 32 087 652 024, AFSL 240984). Maxxia Pty Ltd (Maxxia) acts as authorised representative of EML Payment Solutions Limited (ABN 30 131 436 532, AFSL 404131), the distributor of the Maxxia Wallet. Any advice is general advice and does not take account of your objectives, financial situation or needs. Please read the Product Disclosure Statement available at live.maxxia.com.au/pds, before making a decision about consider whether the product is right for you.
Maxxia Wallet is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131. Maxxia Pty Ltd ABN 39 082 449 036 is an Authorised representative of EML Payment Solutions Limited Australian Financial Services Authorised Representative number 000278683. Consider if the card is right for you. Read the PDS at live.maxxia.com.au/pds for more information. Mastercard and the Mastercard brand mark are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.
Maxxia Pty Ltd | ABN 39 082 449 036 is an Authorised Representative of EML Payment Solutions Limited (AFSL 404131) ABN 30 131 436 532, Coverforce Insurance Broking Victoria Pty Limited (AFSL 345986) ABN 45 127 707 813, Allianz Australia Insurance Limited (AFSL 234708) ABN 15 000 122 850 and Smart Guys Pty Limited (AFSL 460412) ABN 46 129 708 523