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Preparing early can help maximise your MyTax tax return

We all know that paying taxes is one of the certainties of life. For many it is a dreaded once-a-year event full of confusion and hassle. For others, they see the need to get prepared prior and look for ways they can minimize the amount of tax they have to pay, before the EOFY. If you want to keep more of your hard-earned money in your pocket, preparing early is a sure-fire way of maximising your tax return. And when it comes to ensuring a healthy tax return this year you only have a few choices: using the services of a registered tax agent or accountant, relying on someone you know for help, or going it alone with MyTax.

But there is another way.

More on that in a minute.

As tax time is quickly approaching, we thought it best to give you some words of wisdom to help you get ready to receive the best possible tax return for yourself this year:

  • We’re going to sound like every accountant ever but keep all your receipts! This not only substantiates all the claims you’ll make but also help remind you of those tax-deductible purchases you’ve made but somehow forgotten when the EOFY is upon you.
  • Know your income precisely, especially if you have more than one job.
  • Keep all tax-related materials in the same location so you don’t have to hunt all over the house for them. Using a tax tool with secure cloud storage might just do the trick!
  • Know your tax position all year round. Yes. This is possible. And there is one software tool on the market that lets you do this!

A tax tool designed to help you maximize MyTax

TaxTank is going to revolutionize the way people do their taxes. Sure, similar concepts like Xero and MYOB exist, but they are for businesses. TaxTank is the first time a powerful tax optimisation tool has been rolled out for people (ie. individual taxpayers). If you want to start treating yourself like a business (which is just self-help guru talk for investing in your) it’s time to take control of your taxes yourself and get onto them early!

Why you need to prepare early (a few minutes a week is all it takes)

Doing your own taxes is a reckoning. Coming to terms early with how much you have made and how much you must give back is very enlightening. It’s a way of holding yourself accountable for your financial decisions through the year. And it’s also empowering. When you prepare your tax return early, you are in control of your tax destiny. You can make sure that you are getting the most out of the deductions and offsets available to you now, before it’s too late.

It makes sense (and saves dollars) to manage your tax all year round

You know all the intimate details of your finances, what you can and can’t claim, what expenses are tax-deductible, and so on. This puts you in a much better position to get a bigger return. With a little help of course.

TaxTank is designed to take the long and boring nature of doing your taxes and make it easy and fun! In an unprecedented move, the good folks at TaxTank have broken preparing your own taxes down with cool software that is super easy to use. Taking only minutes to set up, you’ll soon be a tax expert. Someone who can give their accountant a run for their money. Or no money at all. Because once you start using TaxTank you won’t have to rely on anyone else to do your taxes. Oh, and the other thing is that while it is inexpensive, it even pays for itself. TaxTank not only saves you on accountant fees, but its fees are also tax-deductible. And it will help you keep more of your hard-earned money right where it belongs: in your pocket. So, when it comes to preparing your tax return, remember the 5 Ps: prior planning and preparation prevents poor returns!


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Important Tax Deadlines

For all incomes earned between 01 July 2023 – 30 June 2024.  

Tax returns can be lodged from 01 July 2024. You can prepare early with TaxTank so you know exactly what’s going on ahead of time.

For all incomes earned between 01 July 2022 – 30 June 2023.  

Tax returns are now OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

Tax returns are OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

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