The end of the Fringe Benefits Tax (FBT) period is almost here!
The Australian Taxation Office requires you to have a zero ($0) balance on your CBB salary packaging card and account, and your meal entertainment and holiday accommodation card before 31 March 2022.
If you have funds remaining after 31 March, they will be carried over and will reduce the amount you can salary package in the new FBT year.
It’s a good idea to start preparing now for the end of FBT to make sure you don’t miss out on salary packaging in the next year. Don’t worry, we’ve got some handy tips to help you avoid the last-minute rush!
Preparing your Salary Packaging Card and Account:
With your Meal Entertainment and Holiday Accommodation Card…
If you are unsure about the current balance of your accounts, it’s easy to check. Simply log in at online.beyondbank.com.au, use the Beyond Bank app, or call 13 14 02.
Please note: if your salary packaging funds are only used towards regular payments such as your credit card, personal loan, mortgage or rent, you should have a $0 balance at the end of FBT.