End of FBT Year FAQs
End of FBT Year FAQs
Read our most frequently asked EOFBTY questions here!
What happens if I reach my salary packaging caps 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 postpone any further payments on those benefits until the new Fringe Benefits Tax (FBT) year begins on 1 April 2021. 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. Did you know that 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 not reach your limit early?
What if I don’t use my full Salary Packaging or Meal Entertainment limit within the FBT year?
If you don't use your full salary packaging limit before midnight 31 March, 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 Thursday 1 April 2021. 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 2019/20 FBT year, the maximum new deductions for capped benefits for the 2021/22 year will be $8,910, rather than $9,010. 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 caps.
These could include:
- disability / income protection insurance premiums
- phone, tablet or laptop computers
- professional memberships
- self-education expenses
- a novated lease and more!
It's worth finding out other benefits you could package outside your limit in case you're missing out on more potential savings. Find out more here.
When will I have my final Maxxia Wallet card payment?
Payments to the Maxxia Wallet card will stop one pay early.
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 now spread over one less pay each FBT year, so no Maxxia Wallet payment will be made from your last pay in March.
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, Wednesday 31 March 2021 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 Wednesday 31 March 2021. 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, 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 Thursday 1 April 2021. 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 ideas for helping to reduce the balance on your card:
- Give your other cards a rest and use your Maxxia Wallet card as much as you can throughout January, February and March!
- You can use your Maxxia Wallet card to buy a gift vouchers which can be used at a later date, while still reducing your balance.
- Why not pre-pay some bills? Another easy way to reduce the balance on your card as much as possible before 31 March.
Takeaway with the Maxxia Wallet card will end 31 March 2021
During the early days of the COVID-19 pandemic, Maxxia were pleased to announce that the ATO allowed some takeaway and home-delivered meals for our Meal Entertainment customers.
This functionality will cease as of 31 March 2021. After this date you will no longer be able to use your Maxxia Wallet card for takeaway/delivery.
Until then, here is a reminder about the update:
- The change is in effect for this FBT year only, 1 April 2020 – 31 March 2021.
- It is important to note that this does not change the places at which the Meal Entertainment card can be used. The new provisions will allow takeaway and home-delivered meals to be purchased from restaurants that would normally accept your Meal Entertainment Wallet card, if you were able to dine in.
- This includes some meals ordered through delivery platforms such as Deliveroo, Menulog and Uber Eats, where they deliver for the permitted restaurants.
- Simply use your Maxxia Wallet card when paying or claim the expense via the Maxxia app.
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 sagov.maxxia.com.au/fbt-year-end/government-south-australia
- 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
Things you need to know: The above information is not intended to constitute taxation or financial product advice. Your benefits and savings will vary depending on your personal objectives, financial situation and needs. We recommend you obtain independent financial advice before making any financial decisions.
Maxxia Wallet is a Mastercard and is issued by EML Payment Solutions Limited ABN 30 131 436 432 AFSL 404131. Maxxia Pty Ltd (Maxxia) ABN 39 082 449 036 is an Authorised Representative of EML Payment Solutions Limited Australian Financial Services Authorised Representative number 000278683 and participates in the promotion and distribution of the Card. Mastercard and the Mastercard brand mark are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.
Any advice is general advice and does not take account of your objectives, financial situation or needs. Please read the Product Disclosure Statement available at https://www.maxxia.com.au/maxxia-wallet/pds, before making a decision consider whether the product is right for you.