Dear OLOC Staff,
Employees should spend all the available funds in your EML account before 31 March 2022 because any funds not spent will need to be deducted from your card limit for the year beginning 1 April 2022. This is a rule set by the Australian Tax Office.
When making purchases you should allow for sufficient time for the transaction to appear on the last Statement for the FBT year (i.e. 31 March 2022). Just remember not to leave all your spending to the last minute as you may be caught out with the transaction not being processed. It is highly recommended that the purchase should be made no later than 28 March 2022.
Handy Tips to help you spend your remaining Everyday Purchase Card and Meal/Accommodation Card funds
- Purchase gift cards or vouchers from a retail outlet (including supermarkets like Woolworths and Coles).
- Pay bills in advance. For example, if there is $50 remaining on the card but no need to buy anything, you can always pay a phone, electricity, water or gas bill in advance and be in credit.
- Only purchase items from retailers who have card processing machines (EFTPOS) – avoid manual transactions as these take longer to process.
This will ensure that no employee’s salary sacrifice contributions exceed the amount allowed in a FBT year.
To check your current balance please access your EML account that you set up initially when your card was issued.
If you have any questions please contact me on 9832 5401.
Regards,
Jing Li
Senior Accountant