Important information about deductions from your 31 March 2022 pay.

Living Expenses / Mortgage / Rent benefits

As a Paywise Member, we make deductions from your salary every pay. The amount of each deduction is calculated to enable you to use your full annual cap allowance, spread evenly throughout the year. If you are paid fortnightly, this is done over 26 pay periods.

For those who are on a fortnightly pay cycle with a pay date of 31 March 2022, in this FBT year (1 April 2021 – 31 March 2022), there are 27 pays, rather than the usual 26, meaning that you reached your full annual cap following your most recent pay (17 March).

This means that we will not be making a deduction for this benefit from your pay on 31 March 2022.

Meal & Entertainment benefit

If you have a Meal & Entertainment benefit deducted from your salary, and you have reached or are close to reaching your cap of $2,650, the deduction for this benefit will also be impacted.

Non-cap benefits

Benefits not subject to a FBT cap such as novated leases and superannuation are not impacted by this and deductions will continue as normal.

No action required

Normal deductions will recommence on 14 April 2022. There is no need to contact us to restart your regular deductions or payments – this will happen automatically.

Please see some commonly asked questions and answers below. If you do wish to contact us, please note that with the end of FBT year approaching our team is in high demand, but we will endeavour to get to your call as quickly as we can.

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Questions & Answers.

Why are there 27 pays this year?
Each year has 26 fortnights and 1 day (or a leap year has 26 fortnights and two days). This FBT year (1 April 31 March) it just happens that the ‘1 day’ after the 26 fortnights falls on a pay day. It will not happen again for your current pay cycle until 2033.

Has my cap limit changed?
No, you have had deductions for your full annual cap, but as this FBT year has 27 pays you have already reached your cap after the 26th pay (on 17 March 2022).

Do I need to contact Paywise to restart my deductions?
No, we will restart your deductions automatically on 14 April 2022.

Which benefits does this apply to?
This applies to Living Expenses, Mortgage and Rent benefits. It may also apply to Meal & Entertainment if you have reached or are close to reaching your cap limit (see below).

Will there be a deduction for my Meal & Entertainment benefit?
If you have reached your annual cap of $2,650, there will not be a deduction from your pay for this benefit on 31 March 2022. Otherwise the deduction will be as normal, unless your remaining cap amount is less than your regular deduction amount in which case the remaining cap amount will be deducted.

Will my Novated Lease be impacted?
No. Benefits not subject to a FBT cap such as novated leases are not impacted and deductions will continue as normal.

Will my superannuation contributions be impacted?
A: No. Benefits not subject to a FBT cap such as superannuation are not impacted and deductions will continue as normal.