Forum Discussion

CompleteStaff's avatar
CompleteStaff
Contributing Cover User
4 years ago

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 ...
  • Tracey_H's avatar
    Tracey_H
    4 years ago

    CompleteStaff 

     

    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.

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

CompleteStaff 

 

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.

  • CompleteStaff's avatar
    CompleteStaff
    Contributing Cover User
    4 years ago

    Hi Tracey,

     

    Thankyou for your response. The lease is exempt from FBT and have marked not reportable.

     

    Thankyou for your help.

     

    Jason

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