Preparing a tax return can mean very different things to different people. For some, it spells doom and gloom. A worrying time of year where missed deductions, lost receipts, and uncertainty means they end up paying more tax than they need to, or worse. For others, doing their taxes is relegated to being a once a year event that simply happens at the end of the financial year and someone else looks after it. Yet for another group of people, preparing their tax returns is an empowering process. They have harnessed the power of smart technology to manage their own tax affairs and know exactly where they’re at tax-wise throughout the year.
Here’s why it makes sense to use technology to manage your tax
1. Tax should not be a once a year event
When you understand how to manage your own tax affairs quickly and simply using technology, it no longer becomes a dreaded once-a-year chore. Instead, it means you can keep on top of your tax affairs throughout the year, not just at tax time.
Go from being someone who simply does their tax to someone who actively manages their tax affairs with sophisticated yet simple tax technology that puts the power back into your hands.
2. No need for accountants
If you use a system that can do everything for you, from managing your deductions to investment properties and even completing your MyTax your tax return, there’s no need for an accountant. This means you can save money on accounting fees.
3. Automation allows you to stay up to date with the latest tax laws and regulations
When you use software like TaxTank which is specifically designed to help maximise your MyTax return accurately, you can be confident that you’re always using the latest tax laws and regulations. TaxTank is constantly updated so you don’t need to worry about staying up to date with all the latest changes from the ATO.
4. Secure cloud storage
We’ve said it before and we’ll say it again, keep your receipts! We know that some people might like to live a bit more dangerously and not file their receipts properly. We understand that it can be a hassle. That’s why using smart technology like secure cloud storage to keep your receipts for the prescribed amount of time helps you remain audit-proof.
When you find a MyTax help tool like TaxTank that allows you to attach receipts, statements and even warranties for a secure record, you know your tax return is as safe as houses.
5. Instant information about your tax return
Using TaxTank’s smart technology means you’ll have a complete picture of your tax affairs year-round. TaxTank not only empowers you to manage your own tax and save on accountant fees, but it takes the stress and hassle out of the equation. And dare we say it? It makes tax fun! You’ll look forward to tax time as it will be a payoff for all your prior preparation as well as strategy in using technology to manage your tax