Jan 22 2016
End of FBT Year – Here’s What You Need To Know!
The Fringe Benefits Tax (FBT) year runs from 1 April 2015 to 31 March 2016. As the end is approaching, we have some very important tips for you to ensure that you maximise your tax savings.
Tip # 1
If you are salary packaging general expenses, meals & entertainment and/or venue & accommodation, credit card, utilities, rates etc, make sure you maximise your tax savings by submitting your claims on time to ensure that they are counted towards your salary packaging limit in this FBT year.
The cut-off date for submission of claims for this year is 20 March 2016.
Anything received after this date is not guaranteed to be processed in the current FBT Year.
Tip # 2
If you work for a not-for-profit health or charity organisation and you have a NAB Threshold card, make sure you spend your card balance on your NAB Threshold Card by 10pm on 31 March 2016.
If you don’t spend your card balance, it will be refunded to your payroll department and you therefore will not have maximised your tax savings for this FBT year.
Tip # 3
If you have a NAB Meals & Entertainment card, ensure that you have spent your card balance by 10pm on 31 March 2016 as this year, due to the legislative changes associated with this benefit, all money that remains on your NAB Meals & Entertainment card, will be refunded to your payroll department and you therefore will not have maximised your tax savings for this FBT year.
Tip # 4
If you entered into a Novated Lease with us prior to 10 May 2011, you must submit an interim Odometer Reading now. Refer to our article Is Your Odometer Reading Up To Date? for important information that affects you in relation to Fringe Benefits Tax.
IMPORTANT INFORMATION FOR YOU
Meals & Entertainment and Venue & Accommodation Benefits
These benefits will be combined as at 1 April 2016. The newly combined benefit will be called an ‘Entertainment Benefit’.
NAB Threshold and Meals & Entertainment Cards
The cut-off date for expenditure on the NAB Threshold and NAB Meals & Entertainment cards is 10.00pm (AEST) on 31 March 2016.
Your card will then be suspended temporarily until approximately 6.00am (AEST) on 4 April 2016, due to system and banking configuration.
All Confirmation Reports will be issued on approximately the 15 February 2015. We will advise you via email/sms.
The Confirmation Report will provide you with an overview of your new 2016/2017 Salary Package benefits. If you wish to amend any of these benefits, you can do so via the Online Amendment Form, for which we will provide a link. Instructions will be available on the Online Amendment Form.
However, in relation to your new ‘Entertainment Benefit’, if your benefit currently exceeds $2,550.00, we will automatically reduce this for you to the capped amount of $2,550.00. You will not need to amend this benefit. You will only need to include an amendment for this benefit if you choose to:
- Remove this benefit completely
- Add this benefit (because you do not currently have it in your 2015/2016 Salary Package)or
- If you want to package less than $2,550.00