For your Living Expenses benefit payments, you may* be able to elect to have it paid into your bank account or onto a Paywise Card. Both are a great way to help you save on tax, and which option is best for you may depend on your individual circumstances.
If you choose to have your benefit funds deposited into your bank account, here’s how the process works.
The below examples are based on an annual Living Expenses cap amount of $9,010.
Paywise Digital Card.
Here are some details about the option of having funds deposited onto a Paywise Card.
- No substantiation required
- Expenses automatically attributed to appropriate benefit (Living Expenses or Meal Entertainment)
- Prepaid Mastercard – no cash withdrawals or regular payments / direct debits
- Digital Card – easily added to Google or Apple Wallet
- Funds to be used by 31/3 annually
- Card fee applies
*Note that some employers do not offer both the bank account and Paywise Card options.