How to maximise your tax return using MyTax

How to maximise your tax return using MyTax

When it comes to tax time, only around one in four Aussies choose to lodge their own tax return. Because the ATO receives around 10 million tax returns every year, that means 7.5 million people don’t trust their own ability when it comes to lodging the best tax return possible. That is a pretty big number of people who have to seek out the services of an accountant or tax agent. No wonder the tax agent industry is booming. But what if there was a better way to make sure you claim every possible deduction to which you are entitled? What if there was a way to not only see what your tax position is like all year round but also lodge the most optimal and accurate tax return for your circumstances without having to fork out for accountant fees?

There is.

Why aren’t more people using MyTax to lodge their tax returns?

When tax time rolls around every year, some people get a bit overwhelmed. And they might even find themselves doing silly things. Lost receipts, incorrect calculations, and missing claimable deductions aside, there is an easy and accurate way to lodge your own tax return. Sure, you can find your own way through the ATO’s MyTax online system. But doing so without any guidance or support means you are essentially relying on your own knowledge of Australian Tax Law when completing your tax return. That is why so many people turn to accountants. They can find all the deductions that apply in your unique circumstances, as well as ensure you are not inadvertently flouting the rules.

Young man is using his smart phone and laptop to manage his tax

Yet there exists an even better way to ensure you are maximising your tax return come tax time. A way that allows you to use MyTax to its optimum. A way that means not having to pay accountant fees. And you can do it all yourself.

A better tax return starts with you

Tax support software gives you the power back to manage your own tax affairs. It can allow you to see every claimable deduction quickly and easily, dramatically reducing the hassle come tax time. We’d love to say that there is a wealth of options out there for Australians when it comes to this kind of tax support software. But there is really only one option. At least, only one that can provide a live update of your tax position year-round. And only one that also allows you to permanently store all your receipts and important documents to safeguard against the dreaded ATO audit.

TaxTank is an innovative Australian company that empowers users to take control of their own tax affairs. It provides a seamless, easy-to-use solution that helps you minimise your tax and maximise your claims. Launching as recently as 2021, now there is no excuse for putting processing your own tax returns in the too-hard basket. With TaxTank you now have a way to get a better tax return year upon year, without having to pay for the privilege of an accountant to do it for you. With TaxTank you’re now your own best advocate when it comes to tax time. What are you waiting for? It’s time to put their powerful solution to work in your favour. Get your free trial today.