16 Mar 2015

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FBT Calendar

 

The Fringe Benefits Tax (FBT) year runs from 1 April-31 March, this is the period during which some of your salary packaging benefits are calculated, and the year end is fast approaching – here’s a few tips to make sure you get the most out of your allowance:

Living Expenses Card

If you work for a not-for-profit organisation and you have a Smartsalary Living Expenses/Everyday Purchases Card you will need to spend all of the funds on your card by 31 March 2015 to maximise your tax savings.

What can I spend on my card?

You may want to pay your bills in advance or perhaps purchase gift vouchers for your favourite retail outlet. You will just need to ensure the retailer uses electronic funds transfer machines – avoid manual transactions as these take longer to process.

It’s also worth noting that your Living Expenses/Everyday Purchases Card cannot be used for BPay, gambling, firearms, adult entertainment, cash advances, or at the post office.

How can I check my balance?

If you have an ANZ Living Expenses Card call 1800 614 741 or log into your ANZ online portal for a live balance. 

If you have a Westpac Everyday Purchases Card call 1300 650 107 for a live balance.

What if I have a balance remaining?

If you still have funds on your card at the end of the FBT year they will be carried forward into the new FBT year (starting 1 April 2015) and we will reduce future payments to your card. This balance will count towards your 2015/2016 threshold so it’s best to use any remaining funds before 31 March so you can start with a fresh amount for the 2015/2016 year ($9,010 or $15,900 depending on employer type).

Laptops, mobile phone costs, education fees and other items

If you salary packaged an item during the 2014/2015 FBT year (1 April 2014–31 March 2015) you will be able to make new benefit claims from 1 April 2015. This includes laptops and tablets, mobile phones, self-education fees and many other items – depending on what your employer allows you to package. Log in to your account to see what you are allowed to claim each FBT year.

There’s just a couple of weeks left of this FBT year so make sure you make the most of the benefits you’re entitled to! If you have any questions about your salary packaging account please feel free to leave us a comment below, tweet us or post on our facebook wall.

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