FBT Year ends 31 March

In most cases Members do not need to take any action at the end of the Fringe Benefits Tax (FBT) Year.

Your salary packaging continues into the new FBT year and appropriate reports that you require will be provided by your employer at the end of the Financial Year (30 June), annually.

Keep an eye out for any communications from Paywise where we may advise of any action required by you (eg payment reimbursement claims). We also strongly recommend that your regularly access the Member Portal or Paywise App to keep up to date with claim balances.

Following is some key information about the end of the FBT Year, including answers to some of the most common questions our Members have relating to the FBT year-end.

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Key dates:

Most reimbursement claims are submitted online, however those submitted via email or post must be received by this date to ensure processing in the 2024 FBT Year.

Reimbursement claims submitted via the Member Portal or Paywise App must be received by this date to ensure processing in the 2024 FBT Year.

All balances on your Paywise Card must be spent by 11:59pm AEDT (8:59PM AWST) on 31 March to ensure the transaction is included in 2024 FBT Year. You can check your card balance via the Member Portal or Paywise App . 

Any unspent funds will remain on your card, however they will now be considered within the new 2024/25 FBT reporting period and therefore won’t be enabling you to maximise your tax benefits.

Outstanding balances on your Living Expenses benefit can be transferred to an FBT Card. Note that this is not available for Meal Entertainment. An email will be sent to Members eligible for an FBT Card in March.

If your Novated Lease vehicle was unavailable during the FBT year to drive (eg due to mechanical or body repairs or failure) for more than two consecutive days, you may be entitled to claim days unavailable to reduce your FBT obligation. The declaration required can be accessed here

Your FBT report will be available online in the Paywise Member Portal. We encourage you to check the report and advise Paywise immediately if you believe any of the information in the report is incorrect.

Any discrepancies from the FBT report must have been communicated by you to Paywise by this date. No further changes will be allowed after this date.

Outstanding card balances.

Paywise encourages you to spend the balance on your Paywise card by 8.59pm AWST / 11.59pm AEDT on 31 March 2024. Any unspent funds will remain on your card, however they will now be considered within the new 2024/25 FBT reporting period and therefore won’t be enabling you to maximise your tax benefits.

Alternatively, for balances on Living Expenses cards only, you have the opportunity to purchase an ‘FBT Card’ and have your balance transferred onto this card. See below for further information.

FBT Cards.

The FBT Card is a great solution for those who have funds on their Paywise Living Expenses Card and may not be able to spend these prior to 31 March. It is a Mastercard™ single load Prepaid Card, that can be purchased using your Paywise Card giving you another 12 months to utilise unspent Living Expenses funds (not Meal Entertainment) after 31 March. It is not compulsory.

FBT Cards can be redeemed for Point of Sale purchases, online and in-person at merchants that accept Mastercard Prepaid cards. The card cannot be used at ATMs or for cash out at Point of Sale. This product will operate similarly to your existing Paywise Card, whereby it will follow the allowable merchant categories for Living Expenses

The purchase fee for an FBT Card is $9.94 per card, which includes the delivery (by Australia Post) of the card to your chosen address. Payment will be taken from your Paywise Living Expenses account and you will be provided with a tax invoice for the card purchase.

The maximum balance per FBT Card is $2,000 per card. If you have a larger balance that you wish to convert to FBT Cards, you can purchase multiple cards, however each card will have a cost of $9.94. As it is a single load card, we recommend waiting until your final payment for the FBT Year has been received before purchasing the card.

The funds on the FBT Card will be available for use for 13 months from the order date, which will allow for the delivery of the card and still provide you with a minimum of 12 months to spend your funds.

Once the card is received, you will be able to activate it online, and it will then be available for immediate use.

The offer to purchase the FBT Card is available until 7.00pm AWST / 10.00pm AEDT on 31 March. You will not be able to purchase the FBT Card after this time.

Paywise will communicate with you by email if you are eligible to purchase a FBT Card with steps on how to purchase the card.

The FBT card is not compulsory. Any unspent funds on your Paywise Card as at 8.59pm AWST / 11.59pm AEDT will roll over into the 2024/2025 FBT year (running 1 April 2024 – 31 March 2025) and will subsequently reduce your cap for that FBT year.

Reaching your cap.

We will monitor your deductions and payments within your cap limits of $9,010 / $15,900. If you reach this limit prior to 31 March we will communicate this with you as your deductions and payments will cease, temporarily.

Rest assured that your regular deductions recommence from the first pay period in April. We will automatically handle this for you – no need to worry!

FAQs.

Paywise will communicate with you should we require anything from you. There is no need to contact our team to check.

Paywise encourages you to spend the balance on your Paywise Card by 8.59pm AWST / 11.59pm AEDT on 31 March 2024. Any unspent funds will remain on your card, however they will now be considered within the new 24/25 FBT reporting period. For balances on your Living Expenses card, you will be offered the opportunity to purchase an FBT Card and have your Living Expenses card balance transferred to this.

The most common reason for a reduced/partial payment at this time of the FBT year, is due to your FBT cap being fully completed.  That is, if you have received all payments up to the cap value of $9,010/$15,900 you will not receive any more payments until 1 April 2024.  Rest assured that your balance will automatically be paid to you by the second business day in April 2024 if this is the case.   

Secondly, a reduced payment when you still have value remaining under your FBT cap will indicate that you need to submit a claim or other documents online or to our team at reimbursements@paywise.com.au.  

No, our system will reinstate your percentage to commence from your first pay in April 2024.

An FBT Card is a Mastercard® single-load Prepaid Card that can be used for purchases at approached merchants. You can purchase the FBT Card for remaining balances on your Paywise Living Expenses Card.

Paywise will communicate with you if you are eligible to purchase a FBT Card. 

The maximum amount that can be loaded to an individual FBT Card is $2,000. If you have a Living Expenses balance of more than $2,000 you can purchase multiple cards, however please note that each card has a cost of $9.94.

FBT Cards must be purchased prior to 7.00pm AWST / 10.00pm AEDT. As it is a single load card, we recommend waiting until your final payment for the FBT Year has been received before purchasing the card. 

The FBT Card is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard. Mastercard and the Mastercard brand mark are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.