With 31st March fast approaching, it is a good time to review your salary packaging arrangements for the upcoming 2023/2024 FBT year, and to make sure you’ve maximised the opportunities for tax savings in the current year.
So, here are some helpful reminders:
If you have an Everyday Purchase or Meal Entertainment Card
It is important to spend as much of your balance as possible prior to March 31st. Any unspent balances will reduce the amount that you are able to salary package next year.
Additionally, the deadline for submitting meal entertainment claims for this FBT year is close of business on Wednesday 8th March. Any claims received after this point will be held and processed in the new FBT year. If you would like to make any changes to your salary packaging arrangements, the same deadline applies.
If you have a higher education debt
We recommend flagging this with our team and having your package reviewed annually.
If you are a Smart Drive driver
It is important to ensure that you have claimed all expenses related to your Smart Drive vehicle, including registration, CTP, comprehensive insurance, pay-by-the-month insurance, and any fuel or maintenance costs paid for out of your own funds.
It is also worth reviewing your budgets, particularly if your driving pattern has changed over the past year. You can use the Prosperity Salary Packaging App to connect to the driver portal and check your balances. If you have been travelling more than anticipated, it would be worthwhile reaching out to our team to review your budgets.
Finally, it is important to ensure that we are using the correct email address for all correspondence. Please update your contact information if necessary.
If you have any questions or concerns regarding your salary packaging or novated lease arrangements, our team is here to assist you. Don't hesitate to get in touch.