Why April 1 is Important For Your Salary Packaging
Start the FBT Year Off Right with Maxxia
1 January is a day for 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 Benefits 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. Set aside some time to review your benefits and budget for peace of mind so you’re ready for all the benefits that another FBT year can provide.
To help you get off to a strong start and make the most of your salary packaging benefits this FBT year, let’s look at a few things you can do now to set up your account:
- If you’re planning a career move during this FBT year, let us know as soon as you can. You may be able to salary package your full benefit before you move!
- Make sure all your account details are up to date! You can check and update your details with My Maxxia (app and online). If you’re not already registered, select ‘I don’t have a My Maxxia login yet’ to get started.
- Are you making the most out of your eligible salary packaging cap? For eligible not-for-profit health employees, the maximum amount per FBT year is $9,010, and for eligible charity employees, it’s $15,900. Take the time to explore 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? Review your account today to check.
Keep track of your account and ensure a smooth run towards the end of the FBT year on 31 March!
Contacting Maxxia during the EOFBTY
While we always 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 anytime via My Maxxia
- Chat with us on LiveChat
- Follow us on Facebook and Instagram to stay up to date with the latest information.
Things you need to know: 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 and financial advice. Conditions and fees apply and you should confirm they are acceptable before you accept any arrangements with Maxxia, along with credit assessment criteria for lease products. You acknowledge and agree that any reward you receive is not a salary, however you may need to declare any reward as income for tax purposes. The availability of benefits is subject to your employer’s approval. Maxxia may pay and/or receive commissions in connection with its services.
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