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How does "πŸ’° Receive Money" work?

Overview of the Receive Money event

Cameron Drury avatar
Written by Cameron Drury
Updated over 2 weeks ago

Overview

The generic "Receive Money" event can be used to model a wide variety of planned income scenarios for which we may not have built a dedicated event / support for yet for instance;

  • Future bonuses if you want to model highly variable bonuses (e.g. I think next year i'm going to get a killer bonus but I don't want to factor getting such a large bonus on an ongoing basis.

  • Child support received

  • Income from a trust

The event allows you to select;

  1. Income name e.g. "Receive money in 2025"

  2. The owner of the income - We'll use this to determine who's taxable income to add to and also which superannuation account to add funds to

  3. Whether the money should be added to taxable income

  4. Whether the money recieved should also apply a super contribution (if this is selected you'll also see the option to select whether the money includes superannuation or not)

  5. Adjusting for inflation

  6. Recurrence

The chart on the right depicts the projected income impact based on the options selected.


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