Mar 4 2014
Your salary packaging in 2013-14
As this FBT year draws to a close on the 31st March, we now enter the final weeks for you to maximise your package and benefits for the current FBT year.
It is critical that you use the remaining weeks of March for the following (as applicable to your packaged benefits);
- Submit your claims for reimbursement
- Spend any funds remaining on your salary packaging Threshold Card
- Provide an odometer reading for your Associate and Novated Lease as at the 31st March
This will ensure that you have taken full advantage of salary packaging in the current 2013-14 year.
What happens next?
A full salary packaging reconciliation will be conducted and any unspent funds that were not utilised, or FBT liabilities that require recovery will be accounted for, to provide the final balance of your package. Any balances remaining may be returned to you via your payroll, by the end of the Financial Year in June and processed in the next available pay with PAYG tax applied and reported on Payment Summaries.
In the event that a recovery is required from you, an automatic deduction of (up to) $500 will occur via your payroll. Any customers with liabilities that are greater than this will be contacted by Remunerator to arrange a repayment plan.
In addition to the above your Employer is also required to lodge FBT Reports including detail and payment of any liabilities that have been incurred by you, particularly for Associate and Novated Lease customers where statutory travel requirements have not been met. These reports will be provided in April for lodgement with the ATO by the end of May.