Step 6 - Enter INCOME data from Client Fact Find

Step 6 - Enter INCOME data from Client Fact Find


INCOME 


1.      Click on INCOME from the left-hand  menu which takes you to the Income screen.  
         The Income screen allows you to record the client's income.

The Income Section is made up of two panels:
  1.   Existing Income Sources - Here all the income sources within this scenario are recorded. Incomes can be opened and edited by clicking on the relevant row.
  2.   Year to Date Data - This panel records year to date taxable income and tax paid.
The salary data entry has been pre-populated with salary income for each client (as shown below).



2.      Add the client's annual salary figure by clicking on the relevant row (as indicated by the red arrow above),    
         which will open the ADD INCOME SOURCE screen.

3.      Enter the annual salary (as indicated at arrow 1 in the below screenshot). 




4.      Click ADD when completed to save the details.


Once you click the ADD button, you will be able to scroll down to see the further entry fields for additional concessional (pre-tax) superannuation contributions (both salary sacrifice and additional employer), and the option to also include Salary packaging for motor vehicles.

5.      Click ADD to open the contribution fields (as indicated in the above screenshot - arrow 2).   
This will open the Super Contribution data entry selections (screenshot below).

Enter the superannuation contributions. 
Once you have entered the details into the contribution fields, click UPDATE to save the entry.
Helpful Hints
  •          ASSOCIATED SUPER CONTRIBUTIONS (TAXED IN FUND)
Under this heading you can include salary sacrifice contributions and/or Employer Additional contributions (if the employer contributes more than the regulated level of superannuation guarantee contributions), as follows:
Salary Sacrifice
Enter either the amount per annum, or percentage of salary per annum, the start and end dates for the contributions, and the applicable fund.

Salary Sacrifice - Max This Year Cap
This field allows you to model contributions up to the applicable Concessional Cap EACH year.
  • Select 'Salary Sacrifice - Max This Year Cap' option;
  • No need to include an amount or percentage, as the system will contribute to the Concessional Cap;
  • Select the applicable Start and End dates;
  • Select the fund the contributions are to be placed into;
  • Click UPDATE to save the entry.

Salary Sacrifice - Max Available Cap
This field allows you to model 'catch-up' contributions, using all of the available Concessional Cap entitlement which has now been used for the previous five (5) years (from policy commencement of 1 July 2018).
  • Select 'Salary Sacrifice - Max AVAILABLE Cap' option;
  • No need to include an amount or percentage, as the system will work out the contribution amount allowed;
  • Select the applicable Start and End dates;
  • Select the fund the contributions are to be placed into;
  • Click UPDATE to save the entry.

Employer Additional contributions
IF APPLICABLE, enter the amount ABOVE the regular Super Guarantee contributions that the employer is contributing.

5.      Click ADD to open the MOTOR VEHICLE or PUBLIC BENEVOLENT INSTITUTION contribution fields (as indicated in the above screenshot - red arrow 3).   
This will open the Super Contribution data entry (screenshot below).
Under this heading is where you can include details of motor vehicles leases, or other salary packaging you wish to include.


  • MOTOR VEHICLES
With a Motor Vehicle Lease, you need to include the pre-tax Annual Amount, and, if there is a portion which would attract FBT, that amount should be included in the ECM  (employee contribution method) amount section, which is usually an after-tax amount that is paid towards the lease.  

  • PUBLIC BENEVOLENT INSTITUTION
Public Benevolent Institution is where you would include salary sacrifice contributions which require the return of the cash flow, for modelling purposes.  An Example of this would be salary sacrifice into a home mortgage, or electricity, which we often see with Health Department / Hospital employees.
Enter the Name of the Sacrifice, the Annual Amount deducted from the client's salary (pre-tax), and the Benefit Amount (which is the amount the employer would pay directly to the sacrifice entity (i.e. the home loan, credit card, or similar).



Link to the Next Article -  Modelling - Expenses, Goals, Insurance & Fees

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