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.
Just enter the employer’s name and any expected income details.
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.