The Reserve Bank of Australia announced a change to the way in which Salary Packaging Cards are currently made available to your employees. This change relates to the platform on which these cards are issued, and will take effect from 1 July 2017.
The change impacts the whole Salary Packaging industry and one consequence of the change is that a fee will be payable by the cardholder. This fee, like the current salary packaging fee, will be pre-tax and in addition to the annual thresholds, providing greater tax savings to employees.
The National Australia Bank (‘NAB’) Salary Packaging and Meal Entertainment Cards will no longer be available after 30 June 2017 because the NAB has decided to withdraw from the market.
AccessPay has taken this opportunity to innovate!
We have sourced a new partner who is able to provide Salary Packaging and Employee Benefits Cards with exciting new benefits and functionality including:
- One card to support both Living Expenses and Entertainment Benefits
- The ability to pay for accommodation, car hire, and taxis through the Entertainment Benefits account
- A true partner card
- Savings and offers available at point of sale including retail, dining and many more
- New cards will be available for all employees in June 2017
All employees that currently utilise a Salary Packaging and/or Meal Entertainment Card will be contacted by AccessPay to outline the changes and new benefits available. Soon after, all employees with a preferred email address on file will be sent a link to complete the required authority to transition. Support will be provided to employees who are blind, vision impaired or do not have an email address on file.
AccessPay will be sending a variation to your current Service Agreement to support the transition of card arrangements.
Further detail will be communicated to you over the coming weeks. Look out for the next edition of AccessPay Community News!
AccessPay is here to ensure this transition is as seamless as possible for you and your employees. Your support and encouragement for employees to engage with this process is much appreciated. Do not hesitate to contact your local Client Services Manager if we can assist in any way or you have any questions.