To track your income correctly in TaxTank, you’ll need to allocate salary or wages as they come in.
Here's how to do it:
Step 1: Allocate the Income
When you're allocating income from either Bank Feeds or the Work Tank, choose the 'Salary or Wages' category and add in all the details in the pop up.
If you haven’t set up your income forecasts yet, you’ll need to add a Payer.
How to add a payer
Click + Add Payer from the income pop-up.
Make sure Resident or Non-Resident is selected correctly at the top.
Enter the Employer Name.
Enter the Annual Salary.
Select the Pay Frequency (this is required).
Select the Tax-Free Threshold that applies to this job.
Enter the Job Start Date
• If you've been employed for a few years and don’t know the exact start date, just enter your best estimate. However, for new jobs in the current financial year, it's important to enter the correct start date so forecasts can be calculated accurately.Tick Current if this is your current employer.
Click Add Payer to save.
Once saved, this payer will be available to select when adding income.
Step 2: Add Pre-Tax Deductions
If any of your income has pre-tax deductions (like salary sacrifice, novated lease, etc.), make sure to include these. Enter the total amount before tax is taken out, and record the deduction amount in the relevant field.
Step 3: Attach a Receipt (Optional, but recommended)
Click the paperclip icon to upload or drag in a receipt. Once uploaded, the icon will turn green.
All attached receipts are securely stored in your Spare Tank, so you’ve got solid records in case the ATO ever comes knocking.
Step 4: Save
Once everything is entered, click Save. Your income will be recorded and included in your tax calculations automatically.