New Year’s Day for the Fringe Benefits Tax (FBT) year is 1 April. For your salary packaging, it’s a great opportunity to organise your account and set up your packaging so it’s ready for the year ahead.
The FBT year runs from 1 April to 31 March, and once the clock ticks over, a new cap limit is allocated – so to ensure you receive your full entitlement you should try to spend your full cap limit within that 12 month period.
Understanding salary packaging all comes down to explaining things in the right way, so we thought we’d break down the post-tax component of novated leasing and see if we can get things to ‘click’ for you!
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