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

I read and set it up myself and then verified it with my accountantNot 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 paySetup a supplier card for the nominated Novated lease supplier and code this to the same liability account Hope this helps

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.

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

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.

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

Novated Lease | MYOB Community

13 Replies

MC2023
Member
1 year ago
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
MC2023
Member
1 year ago
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
RhondaMB
Contributing User
11 months ago
Euan,
Have you had any joy with setting up a novated lease without flare in MYOB. I find myself in the same boat now. I cannot find any information on how to set it up without Flare. :-(

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Novated Lease

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