For each applicant that you add into an application, you need to enter detail of their current (and past, if required) employment.
The Employment detail of your applicants is collected on the Applicants screen, when you are completing all their other personal details:
There are two different options for completing Self-Employed income and which one you use will depend on your applicant/s, their self-employment circumstances and how they are proving their income. The two options are:
|
Company Wages
Where you are using the Company Wages method, you will need to select the Income Documentation Type of Company Wages when you are adding the Self-Employed record:
You will be presented with the Self Employed Income details modal (popup window) which allows you to add the details of the employment income:
The PAYG salary (gross and Net) for the applicant
The most recent two years ATO Income Statement amounts for the applicant
You will note that if you select this option, when you enter the details for the Company entity itself, you need to nominate what type of entity it is (Company, Partnership, Sole Trader or Trust):
And depending on what type of business structure, you may need to add detail of Shareholders (if a Company) or Partners (if a Partnership):
Company Financials
Where you are using the Company Financials method, you will need to select the Income Documentation Type of Financials when you are adding the Self-Employed record:
If you select this option, you can add detail of the Wages drawn from the business (but it does not have to be official PAYG income):
And you will also need to register detail of the business financials:
When you open this modal (popup window), you will be able to enter the income for the most recent financial year for the Self Employed entity - Net Profit and any Addbacks:
The Type of Income Documentation you choose will determine the supporting documents you then need to provide to support the income detail in assessment. |