What happens if I reach my salary packaging or Meal Entertainment 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 cease your Meal Entertainment deduction and postpone any further payments on those benefits until the new Fringe Benefits Tax (FBT) year begins on 1 April 2023. This won't affect payments to benefits which fall outside the cap limit — such as additional superannuation, laptops and work-related expenses. (For those customers eligible to salary package these items)
The most common reason why you may reach your limit early is due to salary packaging GST expenses. If you allocate your full cap to Mortgage, Rent, Loan or the Maxxia Wallet, you’ll ensure you salary package the full cap each year and this could also prevent you from reaching your cap early.
Do I need to claim my Venue Hire and Meal Entertainment balance?
Yes. You can claim and/or spend up to a combined cap limit of $2,650 each FBT year for Venue Hire and Meal Entertainment, both benefits share the one cap limit.
You may also decide to package venue hire alone. The cap limit of $2,650 still applies each FBT year.
Venue Hire allows you to claim:
- holiday accommodation
- venue hire for events etc.
We must receive any final claims for Venue Hire and Meal Entertainment by Monday 27 March 2023 to ensure they’re part of your 2022/23 Fringe Benefits Tax (FBT) year spend.
Is there anything I cannot buy with my Meal Entertainment funds?
Meal Entertainment cannot be used for purchasing the following items.
- meals or drinks from venues on-site (at your workplace)
- alcohol, unless it is consumed when dining out with friends or family
- takeaway and home delivered meals
What if I don’t spend or claim my full Salary Packaging or Meal Entertainment limit within the FBT year?
If you don't claim your full salary packaging limit before midnight 31 March 2023, you will not lose this money.
The balance will stay on your account for you to use in the new FBT year, which begins on Saturday 1 April 2023. However, these funds will form part of your new cap, which means you may lose the potential tax savings on the cap limit you have not used from the previous FBT year.
For example, if you work in the Health sector and have $100 unspent from the 2022/23 FBT year, the maximum new deductions for capped benefits for the 2023/24 year will be $8,910, rather than $9,010.
So make sure that you spend/claim your capped benefits!
Which expenses can I salary package on top of the cap limits?
Depending on your employer, there may be benefits you could salary package that don’t impact the Living Expenses or Meal Entertainment caps.
These could include:
- disability / income protection insurance premiums
- work related expenses such as phone, tablet or laptop computers
- professional memberships
- self-education expenses
- a novated lease and more!
It's worth finding out if there are other benefits you could salary package in case you're missing out on more potential savings.
When will I have my final Maxxia Wallet card payment?
Remember that payments to the Maxxia Wallet card stop one pay early each FBT year.
To provide you with extra time to spend your remaining balance before the end of the FBT year, the Maxxia Wallet card annual budget is spread over one less pay each FBT year, so no Maxxia Wallet payment will be made from your last pay in March.
Your Benefit Summary email will be sent to you to confirm when your deduction has stopped for the FBT year.
Your cap limit has not changed, it's the same annual budget, just over one less pay.
Do I need to spend my Maxxia Wallet card balance?
Yes, Friday 31 March 2023 is the final date for spending funds on your Maxxia Wallet card, so please spend your balance before then. Some vendors and financial institutions may take a few days to process transactions, so make sure you spend your balance before Friday 31 March 2023. Maxxia is not responsible for any delays in processing by vendors or financial institutions.
If you have any unspent funds remaining on your Maxxia Wallet card at midnight 31 March 2023, you will not lose this money.
The balance will stay on the card for you to spend in the new FBT year, which begins on Saturday 1 April 2023. However, these funds will form part of your new cap, which means you may lose the potential tax savings on the cap limit you have not used from the previous FBT year.
Here are some ideas for helping to reduce the balance on your card:
- Give your other cards a rest and use your Maxxia Wallet card as much as you can throughout January, February and March!
- You can use your Maxxia Wallet card to buy a gift voucher which can then be used at a later date, while still reducing your balance – this applies to Living Expenses only.
- Why not pre-pay some bills? Another simple way to reduce the balance on your card as much as possible before 31 March – this applies to Living Expenses only.
How do I contact 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.