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.
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