Forum Discussion

Thungo's avatar
Thungo
8 hours ago

Novated lease ITC

Hi,

I am seeking an advice regarding how to set up within MYOB AccountRight to claim Novated lease ITC. 

Third party  requires employer include GST claimable on the BAS to claim GST input tax credit then return that amount to employee by transferring back to employee trust account.

I have set up liability account and payroll deduction. Salary sacrifice amount from employee wages will be transferred to third party every fortnight. Tax code N-T.

I attached documents for more details.

Regards

Kim

 

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    7 hours ago

    Hi Thungo,

     

    Thank you for reaching out regarding setting up a novated lease ITC in MYOB AccountRight. For further information on configuring the system to manage GST input tax credits and salary sacrifice deductions, please refer to this link: Novated car leasing.

     

    If you need further assistance or additional questions, reach out to our live chat support through our virtual assistant MOCA or submit a case via MyAccount.

     

    Regards,

    Sai

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