Solved
What STP category is used for Novated Leases
Hi, I am trying to set up a Novated Lease in MYOB Accountright. I am assuming I need to set up two deductions with the pre tax deduction set to PAYG exempt.
What Single Touch Payroll Category do I use for the deductions?
Thanks in Advance.
Jason
Hi Jason
Generally speaking novated leases would be set up as Salary Sacrifice (employee purchases) in AccountRight. If a salary sacrifice deduction is exempt from FBT it's usually not reportable, however, I would recommend checking with the ATO to make sure you do assign the correct ATO reporting category.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
