Add Year to Date Data Required for Modelling (Income, Tax Withheld, Centrelink, Losses Carried Forward)

Add Year to Date Data Required for Modelling (Income, Tax Withheld, Centrelink, Losses Carried Forward)

Unless your model start date is the beginning of the financial year (July), it is likely the client will have received part of their annual salary prior to the model start date.  

To ensure that the tax calculations for this first partial year of modelling are correct, you can incorporate the Income earned (year to date), Tax paid (year to date), Centrelink  received (year to date), and any Tax Losses (carried forward).


To add YEAR TO DATE data into your modelling:

INCOME
1.      Click on the INCOME tab from the left-side menu.
2.      Scroll down to "Year to Date Data Required for Modelling"



3.      For each member, enter the Taxable Income earned prior to the model start date.
This information can be obtained from a recent payslip, or calculated by dividing the annual salary by 12 and multiplying by the number of  completed months prior to the model start date.
eg.      Sam earns a salary of $92,000
            Model start date is January
  Therefore, the income Sam would have earned up to the model start date would be:          
=  (Salary / 12)  x  6
=  (92,000 / 12)  x  6
=  $46,000     

TAX PAID
1.      Click on the INCOME tab from the left-side menu.
2.      Scroll down to "Year to Date Data Required for Modelling"
3.      For each member, enter the tax paid prior to the model start date.
This information can be obtained from a recent payslip, or calculated by dividing the tax payable on the client's annual salary by 12 and multiplying by the number of  completed months prior to the model start date.  
The "Pay Calculator" website is a handy website to assist in calculating income tax payable on salaries (https://paycalculator.com.au/)
eg.      Sam earns a salary of $92,000
            Tax payable on an annual salary of $92,000 is $22,877
            Model start date is January
  Therefore, the tax Sam would have paid up to the model start date would be:          
=  (Annual Tax on Income / 12)  x  6
=  (22,877 / 12)  x  6
=  $11,439
     
CENTRELINK

If applicable, for each member, enter the Centrelink payments received prior to the model start date.
This information should be obtained from the client.
     
TAX LOSSES CARRIED FORWARD

If the client has any tax losses carried forward, enter them into the appropriate year in the Year to Date data area.