Mar 11 2015
Salary packaging in 2015
As this FBT year draws to a close on the 31st March, we now enter the final weeks for you to maximise your Novated Lease and Salary Packaging for the current FBT year.
It is important 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 (if applicable)
- Provide an odometer reading for your Associate and Novated Lease by midnight on the 31st March. Please note if you fail to enter an odometer reading by this time the last known reading will be reported which may incur an FBT liability.
We also remind you that as we have launched a new website, you may need to refresh your bookmarks when looking for forms and information.
Visit us at www.remunerator.com.au and see how easy it is to navigate!
What happens next?
A full Salary Packaging/Novated Lease 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.