The end of FBT year (also referred to as EOFBTY) is an important time for the salary packaging world. It’s our equivalent of the end of financial year. 

To help your EOFBTY run smoothly and ensure your salary packaging is in order, we’ve compiled a list of our most frequently asked questions at this time of year. 

How can I claim my Venue Hire and Meal Entertainment balance?

If you are an eligible customer, you can claim and/or spend up to a combined cap limit of $2,650 each FBT year for Venue Hire and Meal Entertainment, as 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 recommend that you submit any final claims for Venue Hire and Meal Entertainment by Monday 25 March 2024 to ensure they’re part of your 2023/24 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 throughout the year and will notify you with a ‘Your Benefits Summary’ email if you reach your cap limit for any benefit earlier than expected.

If this happens, we will cease your deduction and postpone any further payments on those benefits until the new FBT year, which begins on 1 April 2024. This won't affect payments to benefits which fall outside the cap limit that you may be eligible for, 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 expenses that include GST, such as retail purchases. If you allocate your full cap to Mortgage, Rent, Loan or the Maxxia Wallet, you’ll need to ensure you salary package the full cap each year and avoid unexpectedly reaching your cap early.

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 
• Groceries 
• 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 2024, 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 Monday 1 April 2024. However, your cap limit resets each FBT year. Any funds left in your account from the previous FBT year 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 2023/24 FBT year, the maximum new deductions for capped benefits for the following year will be $8,910, rather than $9,010. 

So, make sure that you maximise your capped benefits and aim to spend your remaining funds before the EOFBTY!

Which expenses can I salary packaging on top of the cap limits? 

Depending on your employer, there may be benefits you could be eligible 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! 

It's worth finding out if there are other benefits you could salary package in case you're missing out on more potential savings. You should speak with your employer to learn more about what benefits you are eligible for.

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. 

Your Benefit Summary email will be sent to you to confirm when your deduction has stopped for the FBT year. 

Your cap limit does not change - it's the same annual budget, just over one less pay. 

When do I need to spend my Maxxia Wallet card balance? 

Sunday 31 March 2024 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 Sunday 31 March 2024. 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 2024, 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 Monday 1 April 2024. However, your cap resets each FBT year. Accordingly, 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. Note: 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. Note: 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 enquiries [email protected] 
• Follow our Facebook and Instagram page to stay up to date with the latest information. 

This material is general advice only. It does not take into account your particular/personal objectives, personal financial situation or personal financial circumstances. Consider if this product is right for you. You should read the Product Disclosure Statement (PDS) for this product before making any decision on the new Card (Maxxia Wallet). You can read the PDS here. The Target Market Determination for this product can be found here.

Maxxia Wallet is a Mastercard and is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd. 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.