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 GS...
Forum Discussion
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
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
- 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
- On the Employees card go to Payroll Details, Standard pay and then enter the amount that will be deducted from the employess pay
- Setup a supplier card for the nominated Novated lease supplier and code this to the same liability account
Hope this helps
