Let’s make 1 April 2021 the start of a happy new year
11 February 2021 at 7:00 am
Transitioning to a new salary packaging provider can easily be achieved at the start of the FBT year. 2021 is no different. Now is the time to act.
The start of the new fringe benefits tax (FBT) year means all salary packaging limits are “re-set” from 1 April.
The “new year” also means now is the easiest time to transition to a new salary packaging provider, says Tony Vitacca, director of GO Salary.
“I have transitioned literally hundreds of clients over the past 25 years, so we know how to make it easy,” Vitacca says.
“The advantage of the GO Salary system means every employee can check and amend their salary package online. That’s a huge benefit for employees.”
Warning. Vitacca warns that next FBT year may not be a happy one for every charity.
1 April 2021 and 31 March 2022 are both a Thursday. So, for many charities they will have 27 pays in the next FBT year.
“I’ve seen it many times where charities exceed their salary packaging limits by not adjusting for the new FBT year,” Vitacca says.
“I’d be concerned if your salary packaging provider has not already raised this issue. Fortunately, we are all across 27 pays.”
When asked about changing providers, the COVID restrictions and how this may impact the process, Vitacca made the point that they actually transitioned the Garvan Institute of Medical Research in November 2020.
“Despite being unable to visit the site due to COVID-19 restrictions, the transition was a great success,” he says.
“We simply took our transition process online and conducted information sessions and employee interviews remotely. We added after hours appointments for employees and their families, so everyone felt looked after.”
The Garvan Institute is delighted with its move to GO Salary from a large provider. They are now receiving a personal service.
Can you talk to GO Salary? “Yes, of course,” says Vitacca.
Contact him or Ben on (03) 9955 7380 or visit gosalary.com.au.
“I am probably a little biased, but people will be genuinely ‘wowed’ by our employee friendly online system and its innovation,” Vitacca says.
“There is simply no comparable salary packaging experience out there. It’s a game changer for sure.”
