All employment and income types and how to add them to your applications.
Salaried Employee
Add Salaried Employee as Current Employer for your client under Personal Details tab
Find employer from the Employer Name search field in the form (if employer can no be found > write in the name of the employer)
Mandatory: employment type, occupation, employer name and start date
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PAYG Income
Add Salaried Employee type in the Income tab (system will add this income type automatically first-time, the type is selected in personal details for current employer)
Mandatory: gross salary, income frequency, linked contact and employer
All salary amounts will be taken into income NET calculation
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Self-Employed
Add Self-Employed as Current Employer for the client under Personal Details tab
Find employer from the Employer Name search field in the form (If employer is not found > write in the name of the employer)
Mandatory: employment type, employer name and start date
Example screenshot
Business Income
Add Business Income type in the Income tab
Link client to income
Profit before tax is required for NET calculation
Other fields included in NET income calculation are: Depreciation and Interest and other Addbacks
All remaining fields in business income form are not included in the calculation
Example screenshot
Business + Salaried Employee (Director's pay)
Go to client's Personal details tab and add both Salaried employee and Self-employed as Current employer with the same employer details
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Next, add both Business and Salaried employee income in the Income tab
Link contact and same employer for both income types
Add the required income details to both income types
Please note that, if the user does not want the business income to be included in NET calculation, instead of adding profit before tax, they should add gross sales.
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Existing Rental Income
Add INV property in the Assets tab
Add the amount for the monthly rental income
Please take care to ensure that you set the correct percentage of property ownership, as that will determine how the rental income is distributed among the owners.
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Existing Rental Income will be automatically added into the Income tab for the completed INV property asset.
To change details for this income, edit the property rent income and property ownership % in Assets tab.
Existing rental income is included in NET calculation
Example screenshot
New Rental Income
Add an INV security in the Security Details tab
Add the amount for the monthly rental income
Please take care to ensure that you set the correct percentage of property ownership, as that will determine how the rental income is distributed among the owners.
Example screenshot
Kindly note that the Income tab shows only the client's current financial position.
Proposed rental income will be taken into account for Maximum borrowing and under Summary tab in 'Proposed position' and 'Proposed position with buffer' calculations.
Proposed rental income is not shown in the Income tab.
To change income details, go to Security Details tab
Other Taxable Income
Add Other taxable income in the Income tab
Mandator: gross income, income frequency and linked contact
Included in NET calculation
Please note that other taxable income could be used for anticipated rental income of an OO property, that will become INV after settlement and that was not added as a security for a new loan.
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Non Taxable Income
Add Non taxable income type in the Income tab
Mandatory: gross income, income frequency and linked contact
Will be included in the NET income calculation but not taxed (so Gross income = Net income, will be the same amount)
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Rental income for OO that will become INV after settlement
The income tab shows only the current financial position, the proposed rental income will be taken into account for Maximum borrowing, and under 'Summary' tab in 'Proposed position' and 'Proposed position with buffer' columns; if the property is not used as a security (added as existing security in Security Details tab for new loan)
The rental income from an existing O/O property that will become INV after settlement is regarded as anticipated
If you need to include this income, for your clients (borrowing capacity reasons), you can, as a workaround, add other taxable income type and describe this income, as the rental income of the OO property, that will become INV after settlement.
Example screenshot
If you need any additional assistance or clarification, please contact us on live chat Support.