When your salary packaging account reaches your FBT exemption cap limit early, RemServ will notify you prior to the end of the FBT year with the available options you can consider taking to manage your account.
If you do reach your FBT exemption cap early, all of your ongoing payments from your salary packaging account will be placed on hold. They are automatically set to resume on your first regular payment day in the new FBT year (from 1 April).
However, your salary packaging contributions will continue to be deducted from your pay and sent to your account for the remainder of the FBT year, unless otherwise advised. If you use these funds in the new FBT year (1 April 2024 – 31 March 2025), they will count towards your new exemption cap limit, but just remember that the cap limit itself is the same each year (for example, $9,010 for Living Expenses for health workers). Any unspent funds that roll over to the new FBT year will form part of the new year’s cap limit.
Please note we’re unable to make automatic catch-up payments for amounts you’ve missed while your regular payments are on hold, including home loan and rental expenses. During this time, please make alternative arrangements to manage your account and expenses until the new FBT year commences on 1 April.
If you reach the FBT cap, this won't affect payments to benefits which fall outside your FBT exemption limit, such as additional superannuation contributions, work-related expenses and/or portable electronic devices.
IMPORTANT INFORMATION: The general information in this page does not take into account any of your personal or financial circumstances. For advice specific to your personal or financial circumstances, please seek your own professional independent tax or financial advice.