What is an unallocated balance?
An unallocated balance is money in your account that hasn’t been assigned to a specific benefit yet. This can happen due to tax credits, extra employer contributions, or leftover funds from another benefit.
If you transfer these funds to a capped benefit, they will count towards your cap for the current FBT year.
What should I do next?
- Choose which benefit you’d like to allocate the funds to.
- If allocating to a capped benefit, check your remaining cap first.
- Consider adjusting your payroll deductions if necessary to avoid hitting your cap early.
- You can also request the funds be returned to you and taxed via payroll.
Disclaimer : This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.