Adding forecasts is quick and easy, if your employment changes simply update your forecasts or add new ones to ensure your projected tax position is accurate throughout the year.
How to add wage & salary forecasts -
Choose your residency - By default we select Australian 'Resident' for tax purposes, however if you're a 'Non-Resident' just change the toggle to ensure the right tax is calculated.
Add salary & wages - Complete the fields for your salary or wage so we can calculate your forecasted tax position. We will also create a rule to make allocating from bank feeds quick and easy later.
Tax Free Threshold - The threshold only applies to one income.
Check your 'Net Amount' - Make sure the 'Net amount' is the same amount you receive in your bank each pay period. If its not correct select the edit icon and enter the correct amount (ie. this will ensure any Income Tax Variations are recorded correctly).
Have more than one income? Select the 'Add Salary' button to add each salary or wage so you can calculate your total forecasted tax position. Remember, the tax free threshold should be 'No' for any additional incomes.
When you're finished select the 'Add Income' button and you're all done.
What if my income changes or I change employers?
If your income changes your can edit your forecasts from the forecasting tab by selecting the pen icon and adjusting the forecasted wage/salary amount.
Likewise, if you end an employment click on the 'End Employment' button, select the employer and add an end date to ensure your forecasts are updated to reflect the change.