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Cents per KM travel

kylieabela

The current ATO allowable cents per km rate is 85 cents but we are moving to an award that requires payment of 95 cents per km so the extra 10 cents is taxable.

I read in a previous thread from a few years ago that in setting this up in MYOB the only solution is to set up two categories - taxable and not taxable. Is this still the case please ?

Seems a very onerous way to do things !

Thanks

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Accepted answers

Julie_A_C

Hi @kylieabela @Doreen_P

Unfortunately that is the way you have to do the allowance. 85c not taxable and 10c taxable.

Other Accounting systems I have come across also have to do it this way.

All comments

Doreen_P

Hi, @Julie_A_C

Thank you for responding to this post.

We truly appreciate your continuous support for the MYOB Community Forum. We are glad to have you here.

Best regards,

Doreen

Julie_A_C

Hi @kylieabela @Doreen_P

Unfortunately that is the way you have to do the allowance. 85c not taxable and 10c taxable.

Other Accounting systems I have come across also have to do it this way.

Doreen_P

Hi, @kylieabela

Thanks for your post.

When creating a pay item for travel allowance, kindly go to Payroll > Payroll Categories > Wages > Click New, and then name the new category > Choose the applicable ATO Reporting Category. If you wish to exempt the travel allowance from calculating tax, please open the newly created travel allowance wage category and then click on Exempt. However, we would also recommend speaking with your accountant to know when an allowance should be exempt from tax or not. You may also check the Help Article: Allowances for further information.

Please let us know if you require any further assistance with this.

Best regards,

Doreen