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.
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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