Novated Lease

Question

I have tried searching this answer, and I cannot find it on the various threads.

I have a novated lease, with pre and post tax deductions, along with being invoiced by the lease provider. How do i allocate within MYOB on the pre tax deduction so that the GST portion of the deduction goes to the GST received account code, and the remaining portion is to go to the allocated GL for novated lease liability? Currently the invoice we receive shows X as the co. GST, however this should be slightly offset by Y from employee portion leaving a net position of Z.

I'd like the GST to pull through to the GL & also the GST reconciliation report without having any manual journals and then a separate reconciliation why the two do not marry up. (this is a myob functionality query as opposed to an ATO/Accountant query)

Thanks

freman · Answer

What a&nbsp;thoroughly&nbsp;unhelpful post by MYOB. :-(&nbsp;Of course this is possible but you'd be hard pushed to find an accountant that actually remembers of the top of their head how to accomplish this in MYOB. They used to have a support note about this back in the day but I cannot find it anymore.&nbsp;Here is a prior community post that should provide you guidance..https://community.myob.com/t5/AccountRight-Staffing-and/Salary-Sacrificing-non-super-how-to-set-up/m-p/494289/highlight/true#M34581https://community.myob.com/t5/AccountRight-Staffing-and/Salary-Sacrificing-non-super-how-to-set-up/td-p/490478&nbsp;

freman · Answer

When you create the catagories you'll see there is an STP reportable category for the 'Salary Sacrifice - Other Employee Benefits'. Which you'd assign to the pre tax component.

jw07 · Answer

Hi Doreen,&nbsp;I too have the same question but when i go to accountant he does not know how this should show on MYOB.&nbsp; Surley as this is a Accounting program there must be some direction on how this needs to be entered in the payroll system?

doreen_p · Answer

Hi, JW07
&nbsp;
Thanks for your post, and welcome to the MYOB Community Forum.
&nbsp;
Thank you, Freman for your unending support for the Community Forum. We're glad to have you here.
&nbsp;
JW07 should you need further support, we are here to assist you promptly. Feel free to start a new post, and we'll be ready to address your concerns.
&nbsp;
Best regards,
Doreen

doreen_p · Answer

Hi, JonShepherd
&nbsp;
Thanks for your post, and welcome to the MYOB Community Forum.
&nbsp;
With your concern, we highly recommend speaking with your accountant, as they can provide you with further information regarding your concern.
&nbsp;
Please feel free to create a post again if you encounter any further issues.
&nbsp;
Best regards,
Doreen

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Novated Lease - GST on deductions

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