The key differences between Estimated Total Income and Estimated Eligible Income in the income test, as used in LodgeiT, are:
Estimated Total Income refers to your gross income from all sources, less certain deductions such as expenses, allowances, and reliefs. It includes income types like PAYG salary and wages, interest, dividends, rental income, and trust distributions. If you have a spouse or civil partner and are jointly assessed, their income is also included in the calculation. While it aligns closely with Adjusted Taxable Income (ATI), it can differ due to specific deductions or allowances considered in the process.
Estimated Eligible Income is a more specific calculation used for income testing government benefits or offsets. It includes gross income components relevant to means tests, focusing on assessable income without reducing for certain losses, such as rental property losses. Typically, eligible income includes salary, interest, dividends, rent, and trust income, but excludes some deductions and losses. This figure is the one used specifically to determine eligibility for various tests or government assessments.
In LodgeiT, the estimation of both income types comes from inputting income and deduction details, with eligible income focusing more narrowly on income considered for means testing in government schemes.