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 need to 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 have any unspent funds remaining in your salary packaging account on 31 March 2020, the money simply rolls over for you to spend in the new FBT year, which begins on 1 April 2020.
However, your yearly cap limit is still the same.
You cannot use unspent funds from one FBT year on top of the cap limit for the next FBT year.
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/Venue Hire caps.
This could include:
- additional superannuation
- disability / income protection insurance premiums
- laptop, notebook or tablet computers
- professional memberships
- self-education expenses
- a novated lease
It's worth finding out other benefits you could package outside your limit in case you're missing out on more potential savings.