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efindlay's avatar
efindlay
Contributing Cover User
8 months ago

Novated Lease

Has anyone had success with setting up a Novated lease in MYOB.  All of their help is geared around Flare but I am not using Flare for the lease.  Its an electric vehicle and hence I can generrate GST input credits??  Has anyone done this?

 

Thanks

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  • efindlay's avatar
    efindlay
    Contributing Cover User
    3 months ago
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    I had 2 deductions - one Salary Sacrifice and one a luxury car tax adjustment even though the car is below LCT threshold.   But yes as per above and then pay the lease company from the liability.  Mine was also an electric car and hence no FBT.

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    8 months ago
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    Hi efindlay,

     

    I see you're trying to set up a novated lease in MYOB without using Flare. Setting up a novated lease in MYOB without using Flare can be a bit tricky since most of the help resources are designed for Flare integration. But I found a thread that has some useful information about novated leases that might help you out.

     

    Feel free to get in touch if there's anything else I can assist you with.

     

    Cheers,

    Princess

    • efindlay's avatar
      efindlay
      Contributing Cover User
      8 months ago
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      Thanks Princess for the reply but the thread just reiterates what I have asked and in fact says MYOB very unhelpful.  I still don’t have an answer to the question which is how to set up a novated lease in MYOB without flare.

       

      many Thanks

       

      euan

      • Princess_R's avatar
        Princess_R
        MYOB Moderator
        8 months ago
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        Hi efindlay,

         

        I get how frustrating it can be not to have a clear answer. After looking into it more, it turns out you can't set up a novated lease in MYOB without using Flare. The novated lease functionality is integrated with Flare, and this integration is necessary for the proper setup and management of novated leases within MYOB.

         

        Feel free to reach out if there's anything else I can assist you with.

         

        Cheers,

        Princess

    • efindlay's avatar
      efindlay
      Contributing Cover User
      6 months ago
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      Yes was able to do it but with absolutely no help from MYOB.  My Novated lease company was able to help set it up for me.  I cant give you advice on exactly how it was done as I didnt understand it fully but it was a fairly simple process.  The annoying thing is that anyone in MYOB would be able to give you the instyructions on how to do it.  In fact there are way more complicated things that MYOB has a help information panel on.  Id suggest they are deliberately told not to help anyone on this matter.

  • MC2023's avatar
    MC2023
    3 months ago
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    Hi efindlay ,

     

    We are having the exact same issue. Did you have any luck with this? MYOB have not been able to help at all. Even over the phone MYOB just directed me to Flare which we are not using. Its extremely frustrating.

     

    Thanks

    May

    • CK_AE's avatar
      CK_AE
      3 months ago
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      I read and set it up myself and then verified it with my accountant

      Not impressed how MYOB had no notes as to how to set this up 

      Please check with your accountant as to whether it will be subject to FBT, my case it is not subject to FBT and therefore not reportable 

      This is on Accountright 

      1. Payroll - Set up a new deduction called Salary sacrifice - Novated Lease , linked payable account will be a liabiltiy account,  my ATO reporting category is non reportable, link the employee and tick exempt from PAYG 
      2. On the Employees card go to Payroll Details, Standard pay and then enter the amount that will be deducted from the employess pay
      3. Setup a supplier card for the nominated Novated lease supplier and code this to the same liability account

       

      Hope this helps

    • efindlay's avatar
      efindlay
      Contributing Cover User
      3 months ago
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      Hi May,

       

      Understand your frustration.  MYOB were zero help and its pretty unethical in my opinion to not support a very common need of your accounting software.  In the end the lease company talked me through how to set it up with a combination of new accounts.  Hopefully they have someone there that can show you?

       

      Cheers

       

      Euan

  • MC2023's avatar
    MC2023
    3 months ago
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    Thanks CK_AE and efindlay 

     

    We have set this up in MYOB however end up with a balancing issue in the novated lease liability account.

    For example:

    As you can see, we are left with a credit of $80 in the novated lease liability account after the pay run in which we deduct the pre/post-tax lease payments from the employee as instructed from the lease company. I realize that some of the novated post tax contribution should include a GST component which we may have to manually adjust for outside of the pay run as MYOB does not appear to allow for us to recognize this within the pay run. However, the issue with the $80 credit in the novated lease liability remains. 

     

    Does anyone have the same issue?

     

    Thanks

    May

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Has anyone had success with setting up a Novated lease in MYOB.  All of their help is geared around Flare but I am not using Flare for the lease.  Its an electric vehicle and hence I can generrate GST input credits??  Has anyone done this?

 

Thanks

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Has anyone had success with setting up a Novated lease in MYOB.  All of their help is geared around Flare but I am not using Flare for the lease.  Its an electric vehicle and hence I can generrate GST input credits??  Has anyone done this?

 

Thanks

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display: inline-block;\n }\n\n .footer-links-wrapper ul li a {\n margin-right: 20px;\n }\n\n .footer-links-wrapper-2 {\n justify-content: space-between;\n }\n}\n\n.myob-social-links a:hover .myob-icon {\n fill: #969ea7;\n}\n\n.myob-social-links .myob-icon {\n -webkit-transition: fill 0.2s ease-out;\n transition: fill 0.2s ease-out;\n fill: #687480;\n}\n\n.myob-social-links .myob-icon a {\n -webkit-transition: color 0.2s ease-out;\n transition: color 0.2s ease-out;\n color: #969ea7;\n text-decoration: none;\n}\n\n.myob-footer-copyright {\n color: #687480;\n padding-right: 20px;\n}\n\n.myob-footer-copyright a,\n.myob-footer-copyright a:hover {\n color: var(--lia-rte-custom-color-18);\n}\n\n.myob-social-links {\n margin-bottom: 0;\n}\n\n.myob-social-links li {\n float: left;\n margin-bottom: 0;\n line-height: 0;\n}\n\n.myob-social-links li + li {\n margin-left: 1.25em;\n}\n\n.myob-social-links li a:before {\n content: \" \";\n display: inline-block;\n width: 24px;\n height: 24px;\n background-size: contain;\n background-position: center;\n}\n.myob-social-links .twitter a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 6%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm5.33,10c0,.12,0,.23,0,.35A7.75,7.75,0,0,1,5.4,16.92a5.48,5.48,0,0,0,4-1.13A2.73,2.73,0,0,1,6.89,13.9a2.73,2.73,0,0,0,1.23,0,2.73,2.73,0,0,1-2.19-2.67v0a2.73,2.73,0,0,0,1.23.34,2.73,2.73,0,0,1-.84-3.64,7.74,7.74,0,0,0,5.62,2.85,2.76,2.76,0,0,1-.07-.62,2.73,2.73,0,0,1,4.72-1.86,5.49,5.49,0,0,0,1.73-.66c-.2.64-.23.87-.79,1.21a1.46,1.46,0,0,0,1.34,0A5.8,5.8,0,0,1,17.33,10Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .googleplus a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 4%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0ZM9,17.5a5.5,5.5,0,1,1,4.1-9.17L11.61,9.67a3.5,3.5,0,1,0,.56,3.84H9v-2h4.47a1,1,0,0,1,1,1.11A5.49,5.49,0,0,1,9,17.5Zm10.5-4v2h-2v-2h-2v-2h2v-2h2v2h2v2Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .facebook a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 1%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm3.51,12H13.2v7.2h-3V12H8.4V9.58h1.8V8.29A2.61,2.61,0,0,1,13,5.4h2.6V7.77H13.81a.58.58,0,0,0-.61.66V9.58h2.56Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .linkedin a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: url(\"data:image/svg+xml;base64,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\")\n 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padding: 2.5rem var(--lia-bs-grid-gutter-width);\n margin: 0 auto;\n font-size: 0.875rem;\n\n @media (min-width: 576px) {\n max-width: 33.75rem;\n }\n\n @media (min-width: 768px) {\n max-width: 45rem;\n padding: 2.5rem calc(var(--lia-bs-grid-gutter-width) * 0.5);\n }\n\n @media (min-width: 992px) {\n max-width: 60rem;\n }\n\n @media (min-width: 1260px) {\n max-width: var(--lia-container-max-width);\n }\n}\n\n.custom_widget_Custom_Footer_footer-links-wrapper_7twck_40 {\n display: flex;\n justify-content: flex-start;\n flex-wrap: wrap;\n width: 100%;\n color: var(--lia-rte-custom-color-18);\n\n ul {\n list-style: none;\n padding: 0;\n flex: 100%;\n margin-bottom: 0;\n\n li {\n a {\n color: var(--lia-rte-custom-color-18);\n padding: 0.3125rem 0;\n display: inline-block;\n }\n }\n }\n\n + .custom_widget_Custom_Footer_footer-links-wrapper_7twck_40 {\n border-top: 1px solid #687480;\n margin-top: 1.25rem;\n padding-top: 1.25rem;\n 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I had 2 deductions - one Salary Sacrifice and one a luxury car tax adjustment even though the car is below LCT threshold.   But yes as per above and then pay the lease company from the liability.  Mine was also an electric car and hence no FBT.

","body@stripHtml({\"removeProcessingText\":false,\"removeSpoilerMarkup\":false,\"removeTocMarkup\":false,\"truncateLength\":200})@stringLength":"218","kudosSumWeight":1,"repliesCount":0,"postTime":"2025-01-16T16:42:07.875+11:00","lastPublishTime":"2025-01-16T16:42:07.875+11:00","metrics":{"__typename":"MessageMetrics","views":164},"visibilityScope":"PUBLIC","placeholder":false,"originalMessageForPlaceholder":null,"isEscalated":null,"solution":false,"entityType":"FORUM_REPLY","eventPath":"category:AccountRight/category:Support/community:myobboard:Staffing_and_Payroll/message:876938/message:886898","replies":{"__typename":"MessageConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null},"edges":[]},"customFields":[],"attachments":{"__typename":"AttachmentConnection","edges":[],"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"readOnly":false,"editFrozen":false,"body@stringLength":"266","rawBody":"

I had 2 deductions - one Salary Sacrifice and one a luxury car tax adjustment even though the car is below LCT threshold.   But yes as per above and then pay the lease company from the liability.  Mine was also an electric car and hence no FBT.

","images":{"__typename":"AssociatedImageConnection","edges":[],"totalCount":0,"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"timeToRead":1,"currentRevision":{"__ref":"Revision:revision:886898_1"},"latestVersion":null,"messagePolicies":{"__typename":"MessagePolicies","canModerateSpamMessage":{"__typename":"PolicyResult","failureReason":{"__typename":"FailureReason","message":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","key":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","args":[]}}}},"Rank:rank:62":{"__typename":"Rank","id":"rank:62","position":4,"name":"MYOB Moderator","color":"333333","icon":null,"rankStyle":"TEXT"},"User:user:292938":{"__typename":"User","id":"user:292938","uid":292938,"login":"Princess_R","biography":null,"registrationData":{"__typename":"RegistrationData","status":null,"registrationTime":"2023-02-01T12:41:52.857+11:00"},"deleted":false,"email":"","avatar":{"__typename":"UserAvatar","url":"https://community.myob.com/t5/s/myob/m_assets/avatars/custom/Rectangle_22-1706588706059.png?time=1712840915000"},"rank":{"__ref":"Rank:rank:62"},"entityType":"USER","eventPath":"community:myob/user:292938"},"ModerationData:moderation_data:876955":{"__typename":"ModerationData","id":"moderation_data:876955","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"ForumReplyMessage:message:876955":{"__typename":"ForumReplyMessage","uid":876955,"id":"message:876955","revisionNum":1,"author":{"__ref":"User:user:292938"},"readOnly":false,"repliesCount":3,"depth":1,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Staffing_and_Payroll"},"parent":{"__ref":"ForumTopicMessage:message:876938"},"conversation":{"__ref":"Conversation:conversation:876938"},"subject":"Re: Novated Lease","moderationData":{"__ref":"ModerationData:moderation_data:876955"},"body":"

Hi efindlay,

\n

 

\n

I see you're trying to set up a novated lease in MYOB without using Flare. Setting up a novated lease in MYOB without using Flare can be a bit tricky since most of the help resources are designed for Flare integration. But I found a thread that has some useful information about novated leases that might help you out.

\n

 

\n

Feel free to get in touch if there's anything else I can assist you with.

\n

 

\n

Cheers,

\n

Princess

","body@stripHtml({\"removeProcessingText\":false,\"removeSpoilerMarkup\":false,\"removeTocMarkup\":false,\"truncateLength\":200})@stringLength":"208","kudosSumWeight":0,"postTime":"2024-08-22T14:36:02.080+10:00","lastPublishTime":"2024-08-22T14:36:02.080+10:00","metrics":{"__typename":"MessageMetrics","views":291},"visibilityScope":"PUBLIC","placeholder":false,"originalMessageForPlaceholder":null,"isEscalated":null,"solution":false,"entityType":"FORUM_REPLY","eventPath":"category:AccountRight/category:Support/community:myobboard:Staffing_and_Payroll/message:876938/message:876955","replies":{"__typename":"MessageConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null},"edges":[{"__typename":"MessageEdge","cursor":"MjUuMnwyLjF8b3wzfDE0OjAsMzk6MXwx","node":{"__ref":"ForumReplyMessage:message:877136"}}]},"customFields":[],"attachments":{"__typename":"AttachmentConnection","edges":[],"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"editFrozen":false,"body@stringLength":"1127","rawBody":"

Hi ,

\n

 

\n

I see you're trying to set up a novated lease in MYOB without using Flare. Setting up a novated lease in MYOB without using Flare can be a bit tricky since most of the help resources are designed for Flare integration. But I found a thread that has some useful information about novated leases that might help you out.

\n

 

\n

Feel free to get in touch if there's anything else I can assist you with.

\n

 

\n

Cheers,

\n

Princess

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Thanks Princess for the reply but the thread just reiterates what I have asked and in fact says MYOB very unhelpful.  I still don’t have an answer to the question which is how to set up a novated lease in MYOB without flare.

 

many Thanks

 

euan

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Thanks Princess for the reply but the thread just reiterates what I have asked and in fact says MYOB very unhelpful.  I still don’t have an answer to the question which is how to set up a novated lease in MYOB without flare.

 

many Thanks

 

euan

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Hi efindlay,

\n

 

\n

I get how frustrating it can be not to have a clear answer. After looking into it more, it turns out you can't set up a novated lease in MYOB without using Flare. The novated lease functionality is integrated with Flare, and this integration is necessary for the proper setup and management of novated leases within MYOB.

\n

 

\n

Feel free to reach out if there's anything else I can assist you with.

\n

 

\n

Cheers,

\n

Princess

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Hi ,

\n

 

\n

I get how frustrating it can be not to have a clear answer. After looking into it more, it turns out you can't set up a novated lease in MYOB without using Flare. The novated lease functionality is integrated with Flare, and this integration is necessary for the proper setup and management of novated leases within MYOB.

\n

 

\n

Feel free to reach out if there's anything else I can assist you with.

\n

 

\n

Cheers,

\n

Princess

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Has anyone been able to set up a Novated Lease without integrating with Flare

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Has anyone been able to set up a Novated Lease without integrating with Flare

","images":{"__typename":"AssociatedImageConnection","edges":[],"totalCount":0,"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"timeToRead":1,"currentRevision":{"__ref":"Revision:revision:882502_1"},"latestVersion":null,"messagePolicies":{"__typename":"MessagePolicies","canModerateSpamMessage":{"__typename":"PolicyResult","failureReason":{"__typename":"FailureReason","message":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","key":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","args":[]}}}},"ModerationData:moderation_data:882530":{"__typename":"ModerationData","id":"moderation_data:882530","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":"member"},"ForumReplyMessage:message:882530":{"__typename":"ForumReplyMessage","author":{"__ref":"User:user:180257"},"id":"message:882530","revisionNum":1,"uid":882530,"depth":2,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Staffing_and_Payroll"},"parent":{"__ref":"ForumReplyMessage:message:882502"},"conversation":{"__ref":"Conversation:conversation:876938"},"subject":"Re: Novated Lease","moderationData":{"__ref":"ModerationData:moderation_data:882530"},"body":"

Yes was able to do it but with absolutely no help from MYOB.  My Novated lease company was able to help set it up for me.  I cant give you advice on exactly how it was done as I didnt understand it fully but it was a fairly simple process.  The annoying thing is that anyone in MYOB would be able to give you the instyructions on how to do it.  In fact there are way more complicated things that MYOB has a help information panel on.  Id suggest they are deliberately told not to help anyone on this matter.

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Yes was able to do it but with absolutely no help from MYOB.  My Novated lease company was able to help set it up for me.  I cant give you advice on exactly how it was done as I didnt understand it fully but it was a fairly simple process.  The annoying thing is that anyone in MYOB would be able to give you the instyructions on how to do it.  In fact there are way more complicated things that MYOB has a help information panel on.  Id suggest they are deliberately told not to help anyone on this matter.

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Can anyone give the answer on how to set up a Novated lease, please? We not using Flare. 

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Can anyone give the answer on how to set up a Novated lease, please? We not using Flare. 

","images":{"__typename":"AssociatedImageConnection","edges":[],"totalCount":0,"pageInfo":{"__typename":"PageInfo","hasNextPage":false,"endCursor":null,"hasPreviousPage":false,"startCursor":null}},"timeToRead":1,"currentRevision":{"__ref":"Revision:revision:885257_1"},"latestVersion":null,"messagePolicies":{"__typename":"MessagePolicies","canModerateSpamMessage":{"__typename":"PolicyResult","failureReason":{"__typename":"FailureReason","message":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","key":"error.lithium.policies.feature.moderation_spam.action.moderate_entity.allowed.accessDenied","args":[]}}}},"ModerationData:moderation_data:885319":{"__typename":"ModerationData","id":"moderation_data:885319","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"ForumReplyMessage:message:885319":{"__typename":"ForumReplyMessage","author":{"__ref":"User:user:294708"},"id":"message:885319","revisionNum":1,"uid":885319,"depth":2,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Staffing_and_Payroll"},"parent":{"__ref":"ForumReplyMessage:message:885257"},"conversation":{"__ref":"Conversation:conversation:876938"},"subject":"Re: Novated Lease","moderationData":{"__ref":"ModerationData:moderation_data:885319"},"body":"

Hi Nataliya,

Welcome to the Community Forum! For detailed guidance on how to set up a Novated lease, you can visit the help page Novated car leasing

Regards,
Earl

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Hi ,

Welcome to the Community Forum! For detailed guidance on how to set up a Novated lease, you can visit the help page Novated car leasing

Regards,
Earl

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Hi efindlay ,

 

We are having the exact same issue. Did you have any luck with this? MYOB have not been able to help at all. Even over the phone MYOB just directed me to Flare which we are not using. Its extremely frustrating.

 

Thanks

May

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Hi ,

 

We are having the exact same issue. Did you have any luck with this? MYOB have not been able to help at all. Even over the phone MYOB just directed me to Flare which we are not using. Its extremely frustrating.

 

Thanks

May

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I read and set it up myself and then verified it with my accountant

Not impressed how MYOB had no notes as to how to set this up 

Please check with your accountant as to whether it will be subject to FBT, my case it is not subject to FBT and therefore not reportable 

This is on Accountright 

  1. Payroll - Set up a new deduction called Salary sacrifice - Novated Lease , linked payable account will be a liabiltiy account,  my ATO reporting category is non reportable, link the employee and tick exempt from PAYG 
  2. On the Employees card go to Payroll Details, Standard pay and then enter the amount that will be deducted from the employess pay
  3. Setup a supplier card for the nominated Novated lease supplier and code this to the same liability account

 

Hope this helps

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I read and set it up myself and then verified it with my accountant

Not impressed how MYOB had no notes as to how to set this up 

Please check with your accountant as to whether it will be subject to FBT, my case it is not subject to FBT and therefore not reportable 

This is on Accountright 

  1. Payroll - Set up a new deduction called Salary sacrifice - Novated Lease , linked payable account will be a liabiltiy account,  my ATO reporting category is non reportable, link the employee and tick exempt from PAYG 
  2. On the Employees card go to Payroll Details, Standard pay and then enter the amount that will be deducted from the employess pay
  3. Setup a supplier card for the nominated Novated lease supplier and code this to the same liability account

 

Hope this helps

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Hi May,

 

Understand your frustration.  MYOB were zero help and its pretty unethical in my opinion to not support a very common need of your accounting software.  In the end the lease company talked me through how to set it up with a combination of new accounts.  Hopefully they have someone there that can show you?

 

Cheers

 

Euan

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Hi May,

 

Understand your frustration.  MYOB were zero help and its pretty unethical in my opinion to not support a very common need of your accounting software.  In the end the lease company talked me through how to set it up with a combination of new accounts.  Hopefully they have someone there that can show you?

 

Cheers

 

Euan

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Thanks CK_AE and efindlay 

 

We have set this up in MYOB however end up with a balancing issue in the novated lease liability account.

For example:

As you can see, we are left with a credit of $80 in the novated lease liability account after the pay run in which we deduct the pre/post-tax lease payments from the employee as instructed from the lease company. I realize that some of the novated post tax contribution should include a GST component which we may have to manually adjust for outside of the pay run as MYOB does not appear to allow for us to recognize this within the pay run. However, the issue with the $80 credit in the novated lease liability remains. 

 

Does anyone have the same issue?

 

Thanks

May

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Thanks and  

 

We have set this up in MYOB however end up with a balancing issue in the novated lease liability account.

For example:

As you can see, we are left with a credit of $80 in the novated lease liability account after the pay run in which we deduct the pre/post-tax lease payments from the employee as instructed from the lease company. I realize that some of the novated post tax contribution should include a GST component which we may have to manually adjust for outside of the pay run as MYOB does not appear to allow for us to recognize this within the pay run. However, the issue with the $80 credit in the novated lease liability remains. 

 

Does anyone have the same issue?

 

Thanks

May

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