Novated Lease reporting under Gross Payments STP1

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
JodieWA
2 Posts
User

2Posts

0Kudos

0Solutions

Novated Lease reporting under Gross Payments STP1

We were reporting under STP1 to 30 June 2022.  On our EOY Finalisation (MYOB Advanced) the Gross Payments for staff with novated leases was calculated as Total Gross less Pre-Tax component of novated lease - but only for the months Jul-Mar.  When I queried this with our MYOB Partner they explained this was because it was in line with the FBT year, and that the Pre-Tax deductions for Apr-Jun would be included in the next FY EOY Finalisations.  This doesn't seem to make sense.  These staff were taxed on the adjusted gross amounts (after Pre-Tax deductions were applied), but the full Gross Payment is included in their Payment Summaries for the month's Apr-Jun.  This will surely result in them paying extra tax when they lodge their tax returns?  I have tried getting answers from ATO without any luck.

2 REPLIES 2
Bridie_M_MYOB
MYOB Moderator
41 Posts
MYOB Moderator
MYOB Moderator

41Posts

0Kudos

1Solutions

Re: Novated Lease reporting under Gross Payments STP1

Hi Jodie, 

Thank you for your post. 

 

I have sent you a private message for additional information 

Kind regards,
Bridie

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

JodieWA
2 Posts
User

2Posts

0Kudos

0Solutions

Re: Novated Lease reporting under Gross Payments STP1

Hi Bridie,

 

So because we use MYOB Advanced this forum is not available to us, even though we pay substantial subscription fees to MYOB?

 

Our MYOB partners could not give me a satisfactory answer which is why I posted my query.  All I'm asking for is some clarification because no-one, including the ATO is able to give me that.  Even our Accountant just said "you have to just trust your software".  As you know, software is only as good as how it's been set up, and I have already discovered there were many errors in the STP1 setup which was done by our MYOB partners without any consultation with us.  I'm not convinced they set up the novated lease for STP1 correctly either.

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post