Why April 1 is Important for your Salary Packaging
1 January is the annual day of new beginnings. Resolutions are made (and immediately broken), grand plans unveiled and we all have a new year to look forward to.
1 April is the first day of the Fringe Benefit Tax (FBT) year, and like its January equivalent, it’s a great time to organise your account and set up your plans and goals for the FBT year ahead.
It’s important to make sure your account and benefits are set up in a way that you are happy with. Taking a moment to review your benefits and budget will give you the confidence and peace of mind that you’re ready for all the benefits that another FBT year can provide.
Let’s take a look at some things you can do now to set up your account for the coming year and help make the most of your salary packaging benefits:
- Are you planning a career move? If you have plans to change jobs or employers during the 2019-2020 FBT year, let us know as soon as you can — you may be able to salary package your full benefit before you move!
- Are all your account details up to date? You can check and update your details with Maxxia Online and the Maxxia app. If you’re not already registered, follow the simple registration process on the Account Login page. Simply go to the top right of the page at maxxia.com.au, click on Account Login and follow the prompts.
- Are you accessing the maximum salary packaging cap limit amount you’re eligible for? For not-for-profit health employees the maximum amount per FBT year is $9,010, and for charity employees, it’s $15,900. Check out the range of benefits you could be eligible to package.
- If you’re salary packaging a car via a novated lease, are you keeping within your agreed budget? Do you need to contribute more salary? Give us a call on 1300 123 123 to check.
Keeping track of your account now will ensure a smooth run towards the end of the FBT year on 31 March 2020!
This website contains general information and doesn't take your personal circumstances into account. Seek professional independent advice before making a decision.