How do I claim Maxxia?

How do I claim Maxxia?

Submit your claim to our underwriter via the online claim form, or over the phone – 24 hours a day, 7 days a week – via our claims hotline on 1300 138 926, and a friendly consultant will take you through the claims process.

How long do Maxxia claims take?

three to five business days
With Maxxia Online and the Maxxia app, we’ll review your claim and reimburse the money into your nominated bank account, generally within three to five business days – it’s that easy! You can also see real-time balances, explore other salary packaging benefits and update your details.

Is Maxxia novated lease worth it?

Contrary to the myths, there is no restriction to how little or much you drive to benefit from novated leasing. Whether you drive fewer than 10,000 or more than 50,000 kilometres a year, a novated lease could be a great way to finance a car. And you could save on tax.

Does novated lease affect salary packaging?

Will a Novated Lease affect my take home pay? Yes. As it allows you to use a salary packaging arrangement to pay for the leasing and some car running costs from your pre-tax income, you can end up with more money in your pocket.

What can I claim on Maxxia?

The Maxxia Wallet allows you to proactively spend funds for two benefits;

  • Living Expenses – Electricity, phone and water bills, council rates, groceries, clothing, private travel (domestic and overseas), any household expenses and more!
  • Meal Entertainment – Dine in at restaurants.

Is Maxxia an exempt fringe benefit?

If you are eligible for the FBT Exempt Cap, for living expenses, such as groceries and clothing and meal entertainment, the technology loaded Maxxia Wallet makes it easy – there is no need to keep receipts and no claim forms to complete.

How long does Maxxia take to process?

Once received, we’ll process your claim within 2-3 business days and deposit the funds from your salary packaging account into your regular bank account. We will also send you a confirmation email on the same day.

Why are novated leases bad?

Another disadvantage of novated leasing is the upfront payment of fees and interest if the employee decides to suddenly end the lease agreement. This payout can be higher than what you think. So, getting a novated lease without prior setting of your long-term plans is a big risk.

What can you claim under a novated lease?

Under a novated lease, apart from paying for the car lease repayments, the employer would usually pay for the car’s running costs, such a fuel, maintenance, registration and car insurance. How is FBT involved? A car fringe benefit arises to the employer under a full novated lease arrangement.

Can you claim car expenses on a novated lease?

Generally, you cannot claim motor vehicle expenses in your income tax return if you salary package the vehicle. In a nutshell, yes – the employee can receive a taxable car allowance at the same time as entering into a novated lease arrangement.

What can I claim with Maxxia?

Can you back date salary sacrifice?

Salary sacrifice cannot be backdated. It is only valid from the point you and the employer make the agreement, which is the date the contract is drawn up and signed by both parties.

Can you pay off a novated lease early?

Paying Out Novated Leases Early If you need to finish your lease early, there’s usually a termination fee that you’ll need to pay. You’ll have to pay this fee if: You use cash to pay out your novated lease in full before the due date. You refinance your novated lease.

What happens when you cancel a novated lease?

Paying all of the remaining payments of the lease is typically the costliest penalty. If your novated lease term is 60 months but you want to terminate the agreement after 36 months, you have to pay the remaining 24 months. If the monthly payment is $200, you will have to come up with $4,800 to get out.

What is the catch with novated lease?

One of the rules of a novated lease is that there must be a ‘residual’ or ‘balloon payment’ amount at the end of the lease. This means that you don’t make lease payments for the whole car amount over the term of a novated lease.

Why should you not salary sacrifice a car?

If you are buying a car outright you need a lump sum. Salary sacrificing avoids this because you are making lease payments over a period of time. Includes petrol and servicing costs. Your novated lease agreement will be based on an estimated annual kilometre allowance.

Can you claim car expenses under novated lease?