Getting ready for the end of FBT year - 31 March 2022

The end of the FBT (Fringe Benefits Tax) year is quickly approaching and depending on the benefits you’re packaging and those you’re eligible to package, you may have already heard from us about what you need to do to make the most of your tax savings this FBT year.

Here’s some additional information to help you with your end of FBT year preparation:

Activity	Final Date 2022
Changes to your arrangements Any change to your salary packaging deductions must be requested well ahead of the pay you want the change to take effect	Two weeks before final pay cycle
New Claims Employees without an account balance need to submit claims by this date	28 February
Claims Using Existing Balance Employees that still have funds in their Smartsalary account balance must submit claims to make use of these funds by this date	17 March
Spend Your Balance Any balance on Salary Packaging cards must be $0. On 1 April, any unspent funds count towards your 2022/23 limit reducing the amount you can salary package in the new FBT Year.	31 March

Please Note: When using your salary packaging card, some vendors and financial institutions may take a few days to process transactions so we recommend you don’t wait until the last minute to spend your balance, but allow time for all pending transactions to be processed by 31 March.

No salary packaging card deductions during final pay cycle of the Year.

So that you have enough time to spend the funds on your salary packaging card, no deductions/payments are made for the card during the final pay cycle of the FBT year.

This means that that the full Tax-Free Cap/Meal Entertainment cap (where applicable) has been paid to your card over 25 pay cycles rather than 26 (or 26 pay cycles if you had 27 pay cycles this FBT Year).

Claiming your salary packaging balance

All claims for balances currently in salary packaging accounts must be received by 6:00pm (AEDT) on Thursday 17 March to ensure they’re processed prior to the end of the FBT year. Claims received after this date may not be processed before this time.

Make sure your supporting documents are up to date. For everything you need to know on supporting documents, click here.

Please note: You can check balances and transactions for both your salary packaging account and your salary packaging card online. For more information on how much you might have left to claim, click here, and for more information on your current salary packaging card balance, click here.

Make a claim via the Smartsalary website.

Click find out more to learn how to make a claim

Find out more

FBT card

If you have a salary packaging card, here’s an easy way to use your remaining card funds

Funds that remain on your salary packaging card after 31 March will reduce your annual salary packaging limit for the new FBT year (2022/23) and mean you miss out on valuable tax savings.

If you’re running out of time to spend the funds on your salary packaging card, why not purchase the FBT card? They’re only $9.94 (each) and can be used at all merchants that accept Mastercard® prepaid cards (online and in-person), just like your existing salary packaging card. It’s a great way to use any remaining card funds (living expenses only) and gives you extra time to spend without affecting your annual limit for next year.

The FBT card is a Mastercard® single load prepaid card issued by payment solution provider EML (they are the current issuer of your Salary Packaging Card). It can be used for purchases at the same approved merchants as your Salary Packaging card.

You’ll receive an email after your final pay with details of how to purchase the FBT card, and if you’d like to view answers to frequently asked questions, click here.

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