May 8 2014
Reconciliations with Funds Rollovers
This year we are pleased to feature continuous salary packaging for your employees with Positive Balance Rollovers.
Package Reconciliations are currently underway to balance Deductions Vs. Payments for 2013-14 FBT Year for all Novated Lease and Salary Packaging customers. Any positive pre-tax balance that results from the Reconciliation will automatically rollover and be available for your employees to utilise in current 2014-15 salary packaging.
Your employees will be issued with this advice shortly, along with instructions on how to view their Reconciliation Statement and how to request a positive balance be returned via payroll with PAYG tax applied, if preferred.
You can expect to be advised of any positive or negative balances that you need to action via payroll shortly. We will be providing you with a CSV file and PDF statements and ask that you follow the instructions detailed in the email advice to ensure smooth processing for your employees.
In the event that a recovery is required, an automatic deduction of (up to) $500 will occur via payroll. Any customers with liabilities that are greater than this will be contacted by Remunerator to arrange a repayment plan for the remaining portion.
Details of recoveries incurred due to FBT Liabilities can be found detailed in the FBT Reports, particularly for Associate and Novated Lease customers who have not met their statutory travel requirements.