There are a host of salary packaging benefits you can take advantage of up to your allotted cap (eligible health employees, $9,010; eligible charity employees $15,900). If you do not use your full salary packaging limit within the FBT year, the funds will remain in your account for you to use in the next FBT year which begins on 1 April 2021.

To maximise your potential tax savings however, you must claim or spend to your full cap limit before the end of the FBT year.

If you have a balance of unspent funds at midnight on Wednesday 31 March 2021, you do not lose this money, which is a common misunderstanding. The balance will stay on your account 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.

Luckily for you, the end of each FBT year ends on the same date — 31 March – so there is plenty of time to plan. Let’s take a look at the key dates and the things you need to know.

Maxxia Wallet Card

If you salary package the Maxxia Wallet card you need to reduce the balance to zero by 31 March. If you let the balance roll over, it will reduce the new cap you are given on 1 April.

Do: Have fun with your Maxxia Wallet! And if you’re running out of ideas, buy a gift voucher; this will help clear the balance on your Wallet but you can use the voucher at a later date.

Don’t: Leave it till the last minute to spend your balance!

Tip: Use the Maxxia app or Maxxia Online to track your balance so you know what you’ve spent, and how much you’ve got left to spend.

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.
• 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:

1. The change is in effect for this FBT year only, 1 April 2020 – 31 March 2021.
2. 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.
3. This includes some meals ordered through delivery platforms such as Deliveroo, Menulog and Uber Eats, where they deliver for the permitted restaurants.
4. Simply use your Maxxia Wallet card when paying or claim the expense via the Maxxia app.

For those about to claim, we salute you

If you send us salary packaging claims, you need to submit them via the Maxxia app or ensure you send them in as early as possible as final claims must be received by close of business Friday 26 March 2021. We must have enough receipts/claims to cover the full cap limit, right up until March 31. When it comes to claiming, the more the merrier.

Do: Claim early and claim often, or switch over to a non-claiming benefit.

Don’t: Send us claims with a total that is less than your remaining limit.

Tip: Use the Maxxia app to make submitting claims online quick and easy. Simply follow these steps.

1. Log into the Maxxia app
2. Select ‘Make a claim’ on the Maxxia app dashboard
3. Choose your benefit
4. Snap a pic of your receipts
5. Enter your claim amount
6. Submit

Organise your contribution

Sending in your claim is half the process; make sure you have advised us how much to deduct from your pay, and when. Large claims sometimes need a few pay cycles to reimburse fully, so please factor this in. If you need to amend your March contributions you must do so two weeks before the applicable pay date.

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 inquiries [email protected]
• Like us on Facebook

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.