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Re: Doing your own Tax but have Novated Lease

Newbie

Views 632

Replies 3

Hi,

 

Is it possible to do your own tax online whilst having a novated lease? or would it be best to leave it an

accountant as the process could be difficult to a non experience person?

 

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 2

Thanks for posting @ajw2182 

 

You can complete you own tax return online whilst having a novated lease. It is up to you if you feel comfortable and confident enough to complete it on your own. There is no requirement to use an accountant, it is your choice as to whether you do it yourself or use an accountant.

 

If you complete your return yourself we have instructions which can assist you in completing your 2020 tax return.

 

All the best!

3 REPLIES 3

Most helpful response

Former Community Support

Replies 2

Thanks for posting @ajw2182 

 

You can complete you own tax return online whilst having a novated lease. It is up to you if you feel comfortable and confident enough to complete it on your own. There is no requirement to use an accountant, it is your choice as to whether you do it yourself or use an accountant.

 

If you complete your return yourself we have instructions which can assist you in completing your 2020 tax return.

 

All the best!

Newbie

Replies 1

Thank you for your response.

 

Are you able to advice if there is any particular information i need to input when doing myself? Or is the FBT benefit linked with my income Statment from my employer?

 

Also, do i need to upload any documents/statments from my lease provider?

Devotee

Replies 0

Hi @ajw2182

 

Thank you for getting back to us.

 

An explanation of the amounts reported on your payment summary or income statement in relation to FBT can be found on our website.

 

There is a helpful reported fringe benefits - facts for employees fact sheet that can also be found there.

 

This page advised generally, you don't have to do anything as your pre-filled income tax return if lodging by myTax should include any RFBAs.  I encourage you to review these pages as they should answer your questions.

 

All the best.