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 credi...
Forum Discussion
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
Hi Sai,
Thank you for your response. I don't see a clear solution from the link for my question.
Kind regards
Kim
Hi Thungo,
I'm sorry if the link provided did not offer a clear solution to your question on how to set up a claim Novated Lease ITC in AccountRight. The PDF summary you receive from Flare after they receive your first payment will show any claimable GST. The non-claimable GST is the GST that applies on the employee's deductions, which doesn't apply to your business. If you prepare and lodge your BAS using your MYOB software, your wage pay items/payroll categories and salary sacrifice components (including pre-tax Flare salary packaging) will typically be reported at W1 on your BAS. Therefore, I highly recommend speaking to your accounting advisor, as they have the knowledge with this process.
Kind regards,
Shella
