Overview
There are three main types of incomes projected in Canwi:
Income from employment
Income from assets
Income from events
Initial Employment Income
You can adjust the starting Income for your plan by selecting "Add Income" from the Employment Income section on the Initial Position page.
From here you'll be able to see the Add / Edit Income modal
1. Income Type allows you to nominate if an Income is Employment, another taxed form of income or untaxed income
2. Income Details allows you to;
(2.1) Provide a name for the income - which you'll see in breakdowns / charts throughout the app
(2.2) Select an owner for the income (e.g. you or your partner)
(2.3) Select your salary amount and the frequency that amount is provided (e.g. $100,000 per year or $5,000 per month)
(2.4) An annual bonus amount
3. Annual Wage Growth allows you to nominate how this specific income will change over the years, either at the Scenario Wage Growth or Inflation Rate or a Custom rate. Canwi applies Wage Growth annually at the end of the year so an income of $100,000 in the first year of the plan would grow to $103,700 at the end of the calendar year and next year's income would be $103,700. The Scenario Wage Growth assumption can be editted in Scenario Settings.
4. Other details allowsyou to nominate other income details including;
Whether you're part-time / casual which will pro-rate your salary (e.g. a salary of 100k which is part-time at 4 days per week would result in 80k of income)
Whether your income includes superannuation or not (i.e. if your income is $100,000 and does not include super we'll assume its 100k + 12% superannuation guarantee)
Superannuation Rate - we default this to the Superannuation Guarantee rate, but you can adjust this if you have a different agreement with your employer either as a result of an individual agreement or as part of an award.
Cap at max super contribution base - this determines whether your employer caps contributions at the maximum contributions they are required to make by law (currently 30k pa). If you're a high income earner your employer may cap contributions at this or may not so its best to confirm with your contract