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Tigasuku's avatar
Tigasuku
Member
19 days ago

Novated Lease and Pay Superannuation

Hi, I have an employee who has signed on a Novated Lease.

From his fortnightly wages I deduct an amount equal to the Novated Lease (lets say $550) which is a deduction under Superannuation Salary Sacrifice, reportable to ATO.

This amount deducted is payable to the Novated Lease Company, NOT to his Super Fund.

However, MYOB automatically put this amount $550 as payable to his Super Fund together with his usual Compulsory Superannuation Guarantee Contribution and CSGC of all other staffs.

 

How do I make MYOB software NOT include this $550 in the list of superannuations payable for  payment via the "Pay Superannuation" tab?

Looking forward to someone helping me out.

kind regards

 

1 Reply

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    16 days ago

    Hi Tigasuku,

     

    Thanks for explaining your scenario. If the novated lease pay item is set up under Superannuation, it may appear in Pay Super along with the usual Super Guarantee amounts. You may want to double-check that it’s set up as a deduction instead, and linked to the correct ATO reporting category. To be on the safe side, I’d highly recommend checking with your accountant on the best way to set it up so it doesn’t get included in Pay Super. 

     

    Setting up and managing a novated lease is straightforward in Flare, as it guides you through the process in your file. If you’re not using Flare, you can check this guide shared by another user on how to handle novated leases.

     

    Cheers,

    Princess

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