End of FBT Year FAQs
The end of FBT year is an important and exciting time for your salary packaging, but it can also be a confusing time as well. To help your EOFBTY run smoothly we’ve put together some of the most frequently asked end of FBT year questions!
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 Friday 25 March 2022 to ensure they’re part of your 2021/22 Fringe Benefits Tax (FBT) year spend.
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 2022. 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.
What if I’ve got a large Meal Entertainment balance due to experiencing a lockdown during this year?
This FBT year has been a tricky one for Meal Entertainment as many people have been unable to spend their Meal Entertainment funds while in lockdown. So if you've accrued a ‘banquet balance’, there's no better time than now to get out there and start spending! You still have until 31 March 2022 to maximise your benefit, so keep checking that Meal Entertainment balance!
We must receive any final claims for Meal Entertainment by Friday 25 March 2022 to ensure they’re part of your 2021/22 Fringe Benefits Tax (FBT) year spend. Any Meal Entertainment balance on the Maxxia Wallet card needs to be spent by Thursday 31 March 2022.
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 2022, 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 Friday 1 April 2022. 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 2020/21 FBT year, the maximum new deductions for capped benefits for the 2021/22 year will be $8,910, rather than $9,010.
So make sure that you spend/claim your capped benefits!
Which expenses can I salary packaging 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!
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.
A 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, Thursday 31 March 2022 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 Thursday 31 March 2022. 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 2022, 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 Friday 1 April 2022. 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 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!
- You can use your Maxxia Wallet to buy gift vouchers which can be used at a later date, while still reducing your balance – this applies to Living Expenses only.
- Why not pre-pay some bills? Another easy way to reduce the balance on your card as much as possible before 31 March – 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 maxxia.com.au/fbt-year-end
- View your account via Maxxia Online
- Chat with us on LiveChat
- Email us at [email protected] or for novated lease inquiries [email protected]
- Like us on Facebook
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